SCMG 614 Business Analytics for Decision Making Statistics Assignment Question and Answer
- Number of Words: 3000
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To attract more customers, a new clothing store offers free gourmet coffee and pastry to its customers. The average daily revenue over the past five-week period has been $1,080 with a standard deviation of $260. The store is open seven days each week. Use this sample information to construct a 95% confidence interval for the average daily revenue. The store manager believes that the coffee and pastry strategy would lead to an average daily revenue of $1,200. Use the 95% interval to determine whether or not the sample supports the manager’s expectation. [20 points]
The manager of a small convenience store does not want her customers standing in line for too long prior to making a purchase. In particular, she is willing to hire an employee for another cash register if the average wait time exceeds five minutes. The accompanying data file shows the wait time (in minutes) for 28 customers.
- Define the null and alternative hypotheses to determine if the manager needs to hire another [5 points]
- Calculate the value of the test statistic and the p-value. [10 points]
- Determine the outcome of the hypothesis test at a significance level α = 0.05 and suggest whether or not the manager should hire another Justify your recommendation. [5 points]
A manager at an ice cream store is trying to determine how many customers to expect on a given day. Overall business has been relatively steady over the past several years, but the customer count seems to have ups and downs. The accompanying data file shows the number of customers, the high temperature (in degrees Fahrenheit), and whether the day fell on a weekend (equal to 1 if the day was on a weekend and 0 otherwise) over the past 30 days.
- Estimate a regression model to predict the number of customers per day as a function of the temperature and the weekend dummy [5 points]
- Predict the number of customers the manager should expect on a Sunday with a forecasted high temperature of 80 [5 points]
- Interpret the estimated coefficient for the weekend Is this coefficient significant at the 5% level? How might this affect the store’s staffing plans? [10 points]
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