Expected Monetary Value

            One reason that could have led the ice cream sale to fluctuate could have been due to Price of Related goods. For example, frozen yogurt is a substitute for ice cream, so when the price increases, more ice cream is demanded. However, hot fudge is a compliment for ice cream, therefore when its price goes up, less ice cream is demanded. Second reason leading for the ice cream sale to fluctuate could be due to income. For normal goods, the higher your income, the more you buy. For inferior goods, the higher your income, the less you buy. Taste is another factor. When taste changes, the quantity demands change.  For example, our taste for ice cream might depend on the weather. Expectations are also an important factor.  Expectations about future income or prices affect the quantity demanded today.

Statistics provides us with very useful tools and techniques that aide us in dealing with real world scenarios. I have been able to learn several useful concepts by studying statistics that can aide me in making rational and informed decisions that are supported by the analysis results. Statistics as a discipline is the application and development of various processes put in place to gather, interpret, and analyse the information. The quantification of biological, social, and scientific phenomenons, design and analysis of experiments and surveys, and application of

In business there are no guarantees for success. Skills, knowledge, great motivation and honest evaluation of ability to carry out and then manage the operations are just some of the requirements that determine the probability of the successful project. Success is never automatic and does not rely on luck. There are no ways to foresee or eliminate all of the risks that might affect successful operation of a new business. However detailed planning, thorough analysis and well-carried out organization create good potential for a new business. In the provided case study, we will assess the probability of success for Icedelights franchise in Florida. Analysis will be done through evaluation of each step in the decision making process, close

• The Research methodology I used was quantitative and qualitative to identify the risk. I utilize qualitative evaluation in the data collection process which consisted of observations during the client’s normal business day, interviewing employees and reviewing client’s records.

Select one (1) project from your working or educational environment that you would use the hypothesis test technique. Next, propose the hypothesis structure (e.g., the null hypothesis, data collection process, confidence interval, test statistics, reject or not reject the decision, etc.) for the business process of the selected project. Provide a rationale for your response.

Marketers for Tesco are required to decide how reliable the information they have obtained is. Also they need to take into consideration, if the research contained had different respondents or different set of data points, would the results be similar.

Market research is utilized by companies to make the right decisions when it comes to

Ben Davis had just completed an intensive course in Statistical Thinking for Business Improvement, which was offered to all employees of a large health maintenance organization. There was no time to celebrate, however, because he was already

Using your own organisation information to identify a specific area of data. Analyse the data and present your findings in a way that will assist an aspect of decision making in the area of data selected. Your analysis should be presented in a report covering:

Ben Davis had just completed an intensive course in Statistical Thinking for Business Improvement, which was offered to all employees of a large health maintenance organization. There was no time to celebrate, however, because he was already

hat the company use the statistical models to do the business, but also a great help in development and implementation of the

Joe is in need of some critical information in order to formulate the right business plan for his new coffee shop. Joe situation will require a research program because he is faced with numerous decisions that require series of studies to address multiple deliverables.

To perform a break-even analysis, we have made the following assumptions: (a) retail margin= 60%, (b) the additional fixed cost of production per flavor, including advertising, bottling run and sundries, is $10 million and this is assumed to be an annual cost, except the bottling run, (c) a conservative estimate of percentage share of market figure is derived by multiplying the market segment percentages, as well as the age segment percentage for the category > 40 yrs. The percentage = 74% x 62% x 85% x 40% = 16%. We first determine the retail

Kristen and her roommate are preparing to launch Kristen’s Cookie Company in their on-campus apartment. The company will provide fresh cookies to hungry students late at night. Evaluation of the preliminary design for the company’s production process will be required in order to make key policy decisions, including what prices to charge, what equipment to order and how many orders to accept, and to determine whether the business can be profitable.

From this she has discovered that she can expect to sell at least as many slices of pizza as hot dogs and barbecue sandwiches combined. She also anticipates that she will probably sell at least twice as many hot dogs as barbecue sandwiches. She believes that she will sell everything she can stock and develop a customer base for the season if she follows these general guidelines for demand.