Create probability distributions of average number of sales

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Reference no: EM131684945

Statistics for Financial Decisions Short written Assessment

Learning Outcomes

1. Analyse and present data graphically using spreadsheet software (Excel).

2. Critically evaluate summary statistics against suitable benchmarks.

3. Apply judgement to select appropriate methods of data analysis drawing on knowledge of regression analysis, probability, probability distributions and sampling distributions.

4. Select and apply a range of data analysis tools to inform problem solving and decision making.

5. Conduct quantitative research both individually and as part of a team and articulate and present findings to a wide range of stakeholders, from accounting and non-accounting backgrounds.

Instructions:

You are required to apply your knowledge and draw links between the scenario and the learning resources. In your answers, reflect upon and analyse issues of the key discussion points of the module. Your answers should also effectively communicate and demonstrate that key concepts have been reviewed and that you can apply these concepts to the problems posted.

Assignment:

The daily sales figures and prices for our Schmeckt Gut Energy Bars sold in the countries of Nockaragua, Macronesia and Industria are provided with the attached EXCEL file. The board of directors of Schmeckt Gut is interested in investigating this data in more detail. The board would like you to answer the following questions by using statistical methods and concepts that have been addressed in the modules.

a) What is the expected sale (number of energy bars sold) and what is the expected revenue on any given day in each of the three countries?

b) Based on the data, what is the probability that Schmeckt Gut:

(i) Sells at least the expected number of energy bars?

(ii) Reaches at least the expected revenue?

c) What are the average number of energy bars sold and revenues achieved for each week day (Monday's, Tuesday's, ... Saturday's and Sunday's) in each country?

(i) Create probability distributions of the average number of sales and the average revenues achieved over any given week (Monday to Sunday)?

(ii) Present your distributions for each country in graphs.

(iii) Given the probability distributions for every day of the week (Monday to Sunday), what are the expected sales and what are the expected revenues for each day of the week (Monday to Sunday) for each country?

(iv) On which day are we experiencing, on average, the highest sales (number of energy bars sold) and on which day the lowest sales?

(v) On which day are we experiencing, on average, the highest revenue and on which day the lowest revenue?

(vi) What is the expected number of energy bars sold on these specific days? What is the expected revenue on these specific days? Knowing the actual data, what is the probability that we meet the expected sales and revenues on these days?

d) With the knowledge of the above, advise the board in which country we should invest in marketing our Energy Bars. Explain your rational.

Attachment:- Assignment Files.rar

Reference no: EM131684945

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Reviews

len1684945

10/20/2017 7:27:53 AM

The short written module assessments allows you to apply your knowledge on the concepts and ideas discussed during the Module. These assessments will also prepare you for the final report. Evidence of an exceptional level of achievement of learning objectives across the entire content of the course demonstrated in such areas as interpretation and critical analysis, logical argument, creativity, originality, use of methodology and communication skills. Exceeds minimum standard and exhibits high levels of independence Consistently demonstrates a systematic and critical understanding of context and purpose of the assignment.

len1684945

10/20/2017 7:27:47 AM

A sophisticated understanding of the field or discipline/s. Systematically and critically discriminates between assertion of personal opinion and information substantiated by robust evidence from the research/course materials and extended reading. Mastery of concepts and application to new situations/further learning. Specific position (perspective or argument) is presented expertly, authoritatively and imaginatively, accurately taking into account the complexities of the issue(s) and scope of the assignment. Limits of position are acknowledged. Justifies any conclusions reached with sophisticated arguments.

len1684945

10/20/2017 7:27:41 AM

Highly sophisticated and creative analysis, synthesis of new with existing knowledge. Strong application by way of pretested models and / or independently developed models. Recommendations are clearly justified based on the analysis/synthesis. Applying knowledge to new situations/other cases. Uses ethical principles to identify competing interests and views. Sophisticated understanding of the ethical and moral positions. Well-articulated viewpoint based on moral-ethical reasoning. Expertly written and adheres to the academic genre.

len1684945

10/20/2017 7:27:32 AM

Demonstrates expert use of high-quality, credible and relevant research sources to support and develop arguments and position statements. Shows extensive evidence of reading beyond the key reading. There are no mistakes in using the APA Style. Expertly presented; the presentation is logical, persuasive, and well supported by evidence, demonstrating a clear flow of ideas and arguments. Engages and sustains audience’s interest in the topic, demonstrates high levels of cultural sensitivity. Effective use of diverse presentation aids, including graphics and multi-media.

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