MM255 Unit 3 Business Statistics Project Solution (correctly solved with case study) - 68631

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Unit 3: Business Statistics–Instructor GradedProject

You must show your work on all problems.  You may type your answer right into this document.

Part I.   Basic Computations 

  1. Monthly sales in thousands of dollars for women’s dresses at a local department store for last year were: 

Jan:  $125

Feb: $214

Mar: $236

Apr:  $801

May:  $595

June: $550

July:  $645

Aug:  $732

Sep:  $1030

Oct: $880

Nov:  $985

Dec:  $1750 

a.  Determine the mean monthly sales, rounded to the nearest whole thousand (4 points)

b.  Determine the median monthly sales?  (3 points) 

c.  Determine the mode? (3 points)

  1. The data below shows the number of games played by a group of college volleyball players. 

 

Range

Frequency
(5 points)

Relative Frequency
(5 points)

< 44

 

 

45 – 69

 

 

70 – 84

 

 

85 – 99

 

 

100 – 114

 

 

115 - 129

 

 

130 – 144

 

 

> 145

 

 

Create a frequency distribution for the number of games played, using the intervals shown.  Compute the frequency and relative frequency. 

 

Part II.  Case Study

  1. A small fullfillment company provides promotion services to local businesses that offer mail-in offers to their customers.  For example, a soft-drink manufacturer might decide to offer a free beach towel to their customers who purchase 5 of their 1-liter soft drink bottles.   The fulfillment company will store all the beach towels in a big warehouse.  The customer is instructed on the mail-in offer to send their proof-of-purchase to the fulfillment company.  The fulfillment company handles all the shipping and handling of the beach towels and sends the products directly to the customers.  

    The fulfillment company employs 20 people with the following annual salaries:


$145,000 - President

$ 110,000 – Vice president

$  80,000 – Sales Manager

$  65,000 – Production Manager

$  30,000 – Warehouse Supervisor -

$  18,000 – Four shipping clerks

$  20,000 – Loading Dock Supervisor

$  17,000 – Ten warehouse laborers

 

a. (5 points) Calculate the mean, median, and mode for the salaries.The statistic most often used to describe company salaries is the median or the mean.  For this company, does the mean give an accurate description of the salaries?  Why or why not?

b.  (5 points)   Which statistic would this company’s labor union representative be most likely to cite during contract negotiations and why?  

c.  In addition to promotion services support, the company also fulfills “Direct Sales” of small items such as magazines and consumer items.   Shown below are some graphical and summary data showing total sales for the last 3 years. 

 

Direct Sales

Promotions

Average (per quarter)

$343,158

$300,000

Standard Deviation

$213,232

$141,771

                    


 

(10 points) Analyze this data by comparing and contrasting the two graphical representations and the numerical statistics regarding the sales data.  Using the evidence from above, explain in a well-structured essay the benefits and shortcomings of both the column chart  and the line graph.    Do you think that this company is doing well in generating sales revenue?  

Unit 3: Business Statistics–Instructor GradedProject

You must show your work on all problems.  You may type your answer right into this document.

Part I.   Basic Computations 

  1. Monthly sales in thousands of dollars for women’s dresses at a local department store for last year were: 



Jan:  $125

Feb: $214

Mar: $236

Apr:  $801

May:  $595

June: $550

July:  $645

Aug:  $732

Sep:  $1030

Oct: $880

Nov:  $985

Dec:  $1750 

a. Determine the mean monthly sales, rounded to the nearest whole thousand (4 points)

b. Determine the median monthly sales?  (3 points) 

c. Determine the mode? (3 points)

Part II.  Case Study

  1. A small fullfillment company provides promotion services to local businesses that offer mail-in offers to their customers.  For example, a soft-drink manufacturer might decide to offer a free beach towel to their customers who purchase 5 of their 1-liter soft drink bottles.   The fulfillment company will store all the beach towels in a big warehouse.  The customer is instructed on the mail-in offer to send their proof-of-purchase to the fulfillment company.  The fulfillment company handles all the shipping and handling of the beach towels and sends the products directly to the customers.  

    The fulfillment company employs 20 people with the following annual salaries:


$145,000 - President

$ 110,000 – Vice president

$  80,000 – Sales Manager

$  65,000 – Production Manager

$  30,000 – Warehouse Supervisor -

$  18,000 – Four shipping clerks

$  20,000 – Loading Dock Supervisor

$  17,000 – Ten warehouse laborers

 

a.(5 points) Calculate the mean, median, and mode for the salaries.The statistic most often used to describe company salaries is the median or the mean.  For this company, does the mean give an accurate description of the salaries?  Why or why not?

b.(5 points)   Which statistic would this company’s labor union representative be most likely to cite during contract negotiations and why?  

c. In addition to promotion services support, the company also fulfills “Direct Sales” of small items such as magazines and consumer items.   Shown below are some graphical and summary data showing total sales for the last 3 years. 

 

Direct Sales

Promotions

Average (per quarter)

$343,158

$300,000

Standard Deviation

$213,232

$141,771

                    


 

 

(10 points) Analyze this data by comparing and contrasting the two graphical representations and the numerical statistics regarding the sales data.  Using the evidence from above, explain in a well-structured essay the benefits and shortcomings of both the column chart  and the line graph.    Do you think that this company is doing well in generating sales revenue? 

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