Analytic Method
You are the manager of a retail store. You are want to investigate how metrics can improve the way you manage your business. Data on current sales patterns can be found in the Data set for Week 5.
You decide that the best way to evaluate the performance of your store is to conduct several different statistical analyses. Please create or calculate the items below.. Then summarize your conclusions in one to two paragraphs and make recommendations, based on the data analyses, only, as to how you can better manage your store.
- A goodness of fit analysis which assesses orders of a specific item by size and items you received by size.
- A scatter plot, the correlation coefficient and the linear equation that evaluates 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. Evaluate the strength of the relationship between the number of store visits and the money spent.
- Forecast how much a customer might spend on merchandise if that customer visited the store 13 times in a 6 month period.
