A general merhandise chain store wants to know if two if its local stores’ sales profiles are similar to that of the general chain. The general daily revenue of the chain is $ 93.5 daily (in thousands) per store. The chain is tracking the sales of each store. The CEO sends two accountants to the stores below to quantify with 95% confidence whether Store A has less sales and store B has more sales in comparison to the general chain’s store profile. In store A, a monthly sample of daily sales is collected for 31 days. According to the samples, this store has a daily average revenue of 91.5 with standard deviation 5.56. Can the acountant declare that the sales revenue of this store is similar to that of the chain? In store B, a monthly sample of daily sales is collected for 25 days. According to the samples, this store has a daily average revenue of 94.7 with standard deviation 6.0. Can the acountant declare that the sales revenue of this store is similar to that of the chain? Hint: use the following to transform the x axis to z or t axis
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
A general merhandise chain store wants to know if two if its local stores’ sales profiles are similar to that of the general chain. The general daily revenue of the chain is $ 93.5 daily (in thousands) per store. The chain is tracking the sales of each store. The CEO sends two accountants to the stores below to quantify with 95% confidence whether Store A has less sales and store B has more sales in comparison to the general chain’s store profile.
- In store A, a monthly sample of daily sales is collected for 31 days. According to the samples, this store has a daily average revenue of 91.5 with standard deviation 5.56. Can the acountant declare that the sales revenue of this store is similar to that of the chain?
- In store B, a monthly sample of daily sales is collected for 25 days. According to the samples, this store has a daily average revenue of 94.7 with standard deviation 6.0. Can the acountant declare that the sales revenue of this store is similar to that of the chain?
Hint: use the following to transform the x axis to z or t axis
For the following questions assume that the overall standard deviation is equal to $8 and the chain has data from 100 samples.
- The chain decides to generalize the inspection scheme and settles for a lenient comparison threshold of 90% confidence. Find a confidence interval of daily revenue for the stores of the entire chain.
- For a randomly selected store, on a randomly selected date, what is the probability of having a revenue larger than $ 95 ?
- On a randomly selected date, for a randomly selected store, at most how much revenue is expected with a probability of 75%?
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