Beltway Shoe Company
Statistics are everywhere, in business meetings in the form of graphs and charts, quality in the form of frequency of errors, and in the media as survey results and weather forecasts. Some folks may be nervous when they hear the word statistics; however, they are most likely using statistics and probability nearly every day of their life and not even notice it. Beltway Shoe Company is featured in this exercise reviewing the results of their Western and Eastern region shoe sales. The data is broken out by Original Price, Sale Price, and Number (No.) of Days to Sell. From this information, the data analysis tool in Microsoft Excel (or similar software like Minitab) can be used to easily find the descriptive statistics …show more content…
of Days to Sale % = 57.10%
Data for Beltway Shoes Price of $120 = 120.00 87.93 68.52 Eastern Region - Beltway Shoe Company
Descriptive Statistics % Ratio of Data Original Price ($) Sale Price ($) No. of Days to Sell (days)
Mean = Point Estimate = 108.62 85.24 62.36
Original Price to Sales Price % = 78.48%
Original Price to No. of Days to Sale % = 57.41%
Data for Beltway Shoes Price of $125 = 125.00 98.09 71.76
Note: Data was compiled from Colorado State University - Global Campus. (2015). Module 5 – Sampling and Statistical Inference [Critical Thinking file named shoes.xls]. In MTH410 – Quantitative business analysis. Greenwood Village, CO; Author Conclusion
The Beltway Shoe Company has taken data points for their western and eastern region for shoe sales. Using statistical data such as mean, median, range, and standard deviation, along with confidence interval estimates for the sale price and days to sell, management is able to understand which region is performing better in profits and days to sell. Further study of the data will allow management to increase profits in both regions by comparing which shoes are selling more quickly and at higher profits. Management is also able to set pricing for shoes based on the data and maintain similar profit results. Understanding and using the data they collected will help to improve profits and reduce inventory, which will increase cash flow. This model of shoe sells would help them to be successful in both regions. It is important for management to compare both sets of data, as each of the regions has opportunity for
Statistics are everywhere, in business meetings in the form of graphs and charts, quality in the form of frequency of errors, and in the media as survey results and weather forecasts. Some folks may be nervous when they hear the word statistics; however, they are most likely using statistics and probability nearly every day of their life and not even notice it. Beltway Shoe Company is featured in this exercise reviewing the results of their Western and Eastern region shoe sales. The data is broken out by Original Price, Sale Price, and Number (No.) of Days to Sell. From this information, the data analysis tool in Microsoft Excel (or similar software like Minitab) can be used to easily find the descriptive statistics …show more content…
of Days to Sale % = 57.10%
Data for Beltway Shoes Price of $120 = 120.00 87.93 68.52 Eastern Region - Beltway Shoe Company
Descriptive Statistics % Ratio of Data Original Price ($) Sale Price ($) No. of Days to Sell (days)
Mean = Point Estimate = 108.62 85.24 62.36
Original Price to Sales Price % = 78.48%
Original Price to No. of Days to Sale % = 57.41%
Data for Beltway Shoes Price of $125 = 125.00 98.09 71.76
Note: Data was compiled from Colorado State University - Global Campus. (2015). Module 5 – Sampling and Statistical Inference [Critical Thinking file named shoes.xls]. In MTH410 – Quantitative business analysis. Greenwood Village, CO; Author Conclusion
The Beltway Shoe Company has taken data points for their western and eastern region for shoe sales. Using statistical data such as mean, median, range, and standard deviation, along with confidence interval estimates for the sale price and days to sell, management is able to understand which region is performing better in profits and days to sell. Further study of the data will allow management to increase profits in both regions by comparing which shoes are selling more quickly and at higher profits. Management is also able to set pricing for shoes based on the data and maintain similar profit results. Understanding and using the data they collected will help to improve profits and reduce inventory, which will increase cash flow. This model of shoe sells would help them to be successful in both regions. It is important for management to compare both sets of data, as each of the regions has opportunity for