Week 5 Retail Store metric improvement Case Study
Mathematics
You are the manager of a retail store. You want to investigate how metrics can improve the way you manage your business.
Using the Week 5 Data Set, create and calculate the following in Microsoft® Excel®:
- Conduct a goodness of fit analysis which assesses orders of a specific item and items you received by size, and do the following:
- Conduct a hypothesis test with the objective of determining if there is a difference between what you ordered and what you received at the .05 level of significance.
- Identify the null and alternative hypotheses.
- Generate a scatter plot, the correlation coefficient, and the linear equation evaluating whether a relationship exists between the number of times a customer visited the store in the past 6 months and the total amount of money the customer spent, and do the following:
- Set up a hypothesis test to evaluate the strength of the relationship between the two variables.
- Use a level of significance of .05.
- Use the regression line formula to forecast how much a customer might spend on merchandise if that customer visited the store 13 times in a 6-month period.
- Use the average monthly sales of 2014 ($1,310) as your base to do the following:
- Calculate indices for each month for the next two years.
- Graph a time series plot.
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