OM basketball team had set same prices for its 41 game schedule regardless of the opponent of the game. Person AP, who is the director of business strategy, developed a database for ticket sales. He founded that the firm could improve their revenue if they had charged prices based on their fans preferences. Person AP found a seat could have seven different price variations. The day of the week (x 1 ) A rating of how popular the opponent was (x 2 ). The times of the year (x 3 ) are major statistical factors, which determine the demand for a game. He found the days, which favored games, and based on the analysis, rating were provided. Ratings on a scale of 0 to 8 were given based on the popularity of the opponents. Finally, Person AP classified that games occurred in four seasons. They were Score 0 for early games. Score 3 for games during Christmas season. Score 2 for games until the All-Star break. Score 3 for games leading to play-offs. To determine: To suggest additional independent variables to include in Person AP model.

Question

Want to see the full answer?

Answer 1

Question

Chapter 4, Problem 1.4VC

Summary Introduction

Introduction:

OM basketball team had set same prices for its 41 game schedule regardless of the opponent of the game. Person AP, who is the director of business strategy, developed a database for ticket sales. He founded that the firm could improve their revenue if they had charged prices based on their fans preferences.

Person AP found a seat could have seven different price variations.

The day of the week (x₁)

A rating of how popular the opponent was (x₂).

The times of the year (x₃) are major statistical factors, which determine the demand for a game.

He found the days, which favored games, and based on the analysis, rating were provided. Ratings on a scale of 0 to 8 were given based on the popularity of the opponents. Finally, Person AP classified that games occurred in four seasons. They were

Score 0 for early games.

Score 3 for games during Christmas season.

Score 2 for games until the All-Star break.

Score 3 for games leading to play-offs.

To determine: To suggest additional independent variables to include in Person AP model.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

1. For the purpose of process analysis, which of the following measures would beconsidered an appropriate flow unit for analyzing the operation of a coffee shop?Instructions: You may select more than one answer. a. Square footage of the store b. Number of employees working each week c. Number of hours the store is open each week d. Number of customers served each week

LO2-1 1. From the perspective of process analysis, which of the following could be appropriate flow units for a hardware store? a. Number of workers b. Number of cash registers c. Number of customers d. Number of suppliers page 37 2. Over the course of a month, which of the following is most likely to describe an appropriate flow unit for a process analysis of a hospital? a. The number of physicians b. The number of beds c. The square footage of the building d. The number of patients LO2-2 3. At a cruise ship terminal, each day on average 1000 passengers embark on ships. On average, passengers spend 5 days on their cruise before returning to this terminal. If the flow unit is a passenger, then what are the flow rate and flow time of this process? 4. It is election day and 1800 voters vote in their precinct’s library during the 10 hours the polls are open. On average, there are 15 voters in the library and they spend on average 5 minutes in the library to complete their voting. What is…

What do you feel is the most effective way to communicate with families? Describe how you have used this/these technique(s).