Compensation Project Two For this project, you are required to answer the following questions. Some questions require a description of the process. Other questions require that you show calculations and answers. 1. What is an outlier and how you would deal with outliers. 2. Discuss what is meant by job matching. Use the following criteria for job matches: Benchmark Jobs 1, 2 and 3 must match at 80%; Benchmark Jobs 4 and 5 must match at 70%. Eliminate data that does not meet the criteria. Indicate what data has been eliminated. 3. Describe aging the data and then age the remaining data. Use an annual inflation rate of 5.8%. The effective date of your new wage schedule will be June 1, 2023. Present the aged job rates. 4. Average the data for each benchmark job using the weighted mean. Show your work and show the weighted mean for each benchmark job. 5. For the Market Line, what are the labels and values on the Y -axis and the labels and values on the X-axis. 6. You have decided to use the Match pay policy. For Pay Line One, what are the labels and values on the Y-axis and X-axis. Run the regression program on your computer. What are the values of the y-intercept and the slope of the regression line? 7. For Pay Line Two, using the values in the Job Evaluation System Table below, what are the labels and values on the Y-axis and the X-axis. Using the regression equation and data from the Pay Line Two, calculate the New Job Rate for each of the five pay grades. 8. Create the Wage Schedule for the hourly Job Family clearly indicating five specific wage ranges and overlaps. You determine the spread within each Pay Grade. The effective date will be June 1, 2023. Show all appropriate labels on the new wage schedule. Below the Wage Schedule but not part of the Wage Schedule, also include a brief explanation regarding the design of your new wage schedule: decisions that you made regarding how long to reach Job Rates; range overlaps; minimum rates. Job Evaluation System Table Pay Grade Job Evaluation Point Spread Actual Job Evaluation Points of Benchmark Jobs Median Job Evaluation Points of each Pay Grade 5 800-1000 860 900 4 601-799 650 700 3 450-600 520 550 2 301-449 340 375 1 190-300 290 245