Charlette_Tallant_Unit5_Module_6_Business-Driven_Decision-Making_Exercises
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Feb 20, 2024
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Use one of the BI/analytics techniques to find the optimal solution to this problem. You make custom T-shirts with inspirational sayings on them. You just found out about a community flea market sale that is starting tomorrow. You have just 8 hours to prepare the product for this sale. You start with a plain white T-shirt. This is your most popular color. But you can dye the white T-shirt blue, yellow, or red—but only one shirt at a time. Your current inventory is 50 white T-
shirts, and you have enough dye to make 12 red shirts, 10 yellow shirts, and 15 blue shirts. You take the various color shirts to the sale and then stencil on an inspirational saying—whatever the customer wants up to 35 characters.
Based on experience, you know that at a sale like this, you will be able to sell all 50 shirts. Use the data in the table below to determine how many shirts of each color you should bring to the sale to maximize your profits.
Color
Time
Required to
Dye
(Minutes)
Your Cost of
Materials
Including
Dye and
Stencil
You Have
Enough Dye
to Make
This Many
Shirts
Selling Price
Profit
White
0
$5
50
$12
$7
Blue
20
$7
15
$15
$8
Yellow
20
$7
10
$15
$8
Red
40
$10
12
$16
$6
Since I know that 50 shirts will be sold, all of them should be brought to the sale. To maximize the profits, a combination of blue and red shirts should be brought to the sale. I have enough of the red dye to make 12 red shirts but would only need 2 at the max. red shirts are the most expensive to produce, so I feel better having fewer of them. There is enough blue dye to make 15
shirts. I would only bring 10 because they are the second most expensive. Therefore, I will bring 8 red shirts, 10 blue shirts, and 32 white shirts. You and many of your classmates are mourning the loss of one of your college friends. Your friend was highly successful in the business world and was a true humanitarian devoting much of
his time and resources to those who needed help. You want to propose to your classmates that you set up a foundation in his name to provide a $3,000 grant each year to one deserving student.
Identify the data and two analytics techniques you could use to estimate how much money is needed for the foundation.
To fund a foundation is determined by how much money is needed. Main data could be used, it could include the average donation or endowment that is required for similar grant foundations, the expected return on the investments for the foundation’s funds, and the annual $3000 grant. Also, considering inflation over time would increase the necessary endowment. The two analytics techniques to estimate such money would be predictive analytics and descriptive analytics Predictive analytics would be used to forecast future returns on investments based on historical rates. Descriptive analytics would be used to analyze historical data to similar foundations to estimate the required endowment. With these two techniques put together will give an estimate of the initial amount needed for the foundation. Also, consider how the foundation’s funds will be managed. A sound investment strategy for a foundation can generate revenue to fund the annual grant and administrative expenses, while preserving the amount to ensure the foundations can continue helping students over time.
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