Statistical methods in analyzing operational data

Assignment Content Purpose This assignment is intended to help you learn how to apply statistical methods when analyzing operational data evaluating the performance of current marketing strategies and recommending actionable business decisions. This is an opportunity to build critical-thinking and problem-solving skills within the context of data analysis and interpretation. You’ll gain a first-hand understanding of how data analytics supports decision-making and adds value to an organization. Scenario: Pastas R Us Inc. is a fast-casual restaurant chain specializing in noodle-based dishes soups and salads. Since its inception the business development team has favored opening new restaurants in areas (within a 3-mile radius) that satisfy the following demographic conditions: Last year the marketing department rolled out a Loyalty Card strategy to increase sales. Under this program customers present their Loyalty Card when paying for their s and receive some free food after making 10 purchases. The company has collected data from its 74 restaurants to track important variables such as average sales per customer year-on-year sales growth sales per sq. ft. Loyalty Card usage as a percentage of sales and others. A key metric of financial performance in the restaurant industry is annual sales per sq. ft. For example if a 1200 sq. ft. restaurant recorded $2 million in sales last year then it sold $1667 per sq. ft. Executive management wants to know whether the current expansion criteria can be improved. They want to evaluate the effectiveness of the Loyalty Card marketing strategy and identify feasible actionable opportunities for improvement. As a member of the analytics department you’ve been assigned the responsibility of conducting a thorough statistical analysis of the company’s available database to answer executive management’s questions. Resource: Pastas R Us Inc. DatabaseReview the Wk 2 – Apply: Statistical Report assignment. Median age between 25 – 45 years old Household median income above national average At least 15% college educated adult population In preparation for writing your report to senior management next week conduct the following descriptive statistics analyses with Excel®. Answer the questions below in your Excel sheet:Insert a new column in the database that corresponds to “Annual Sales.” Annual Sales is the result of multiplying a restaurant’s “SqFt.” by “Sales/SqFt.”Calculate the mean standard deviation skew 5-number summary and interquartile range (IQR) for each of the variables.Create a box-plot for the “Annual Sales” variable. Does it look symmetric? Would you prefer the IQR instead of the standard deviation to describe this variable’s dispersion? Why?Create a histogram for the “Sales/SqFt” variable. Is the distribution symmetric? If not what is the skew? Are there any outliers? If so which one(s)? What is the “SqFt” area of the outlier(s)? Is the outlier(s) smaller or larger than the average restaurant in the database? What can you conclude from this observation?What measure of central tendency is more appropriate to describe “Sales/SqFt”? Why?Submit your assignment as the completed Excel sheet. Insert a new column in the database that corresponds to “Annual Sales.” Annual Sales is the result of multiplying a restaurant’s “SqFt.” by “Sales/SqFt.” Calculate the mean standard deviation skew 5-number summary and interquartile range (IQR) for each of the variables. Create a box-plot for the “Annual Sales” variable. Does it look symmetric? Would you prefer the IQR instead of the standard deviation to describe this variable’s dispersion? Why? Create a histogram for the “Sales/SqFt” variable. Is the distribution symmetric? If not what is the skew? Are there any outliers? If so which one(s)? What is the “SqFt” area of the outlier(s)? Is the outlier(s) smaller or larger than the average restaurant in the database? What can you conclude from this observation? What measure of central tendency is more appropriate to describe “Sales/SqFt”? Why? Resource: Pastas R Us Inc. DatabaseReview the Wk 2 – Apply: Statistical Report assignment. In preparation for writing your report to senior management next week conduct the following descriptive statistics analyses with Excel®. Answer the questions below in your Excel sheet:Insert a new column in the database that corresponds to “Annual Sales.” Annual Sales is the result of multiplying a restaurant’s “SqFt.” by “Sales/SqFt.”Calculate the mean standard deviation skew 5-number summary and interquartile range (IQR) for each of the variables.Create a box-plot for the “Annual Sales” variable. Does it look symmetric? Would you prefer the IQR instead of the standard deviation to describe this variable’s dispersion? Why?Create a histogram for the “Sales/SqFt” variable. Is the distribution symmetric? If not what is the skew? Are there any outliers? If so which one(s)? What is the “SqFt” area of the outlier(s)? Is the outlier(s) smaller or larger than the average restaurant in the database? What can you conclude from this observation?What measure of central tendency is more appropriate to describe “Sales/SqFt”? Why?Submit your assignment as the completed Excel sheet.