Consider again the scenario described in Problem 4. a. The Center for Business Analytics is considering a refund policy for no-shows. No refund would be given for members who do not attend, but nonmembers who do not attend will be refunded 50% of the price. Extend the model you developed in Problem 4 for the Business Intelligence Symposium to account for the fact that, historically, 25% of members who registered do not show and 10% of registered nonmembers do not attend. The center pays the caterer for breakfast and lunch based on the number of registrants (not the number of attendees). However, the center pays for parking only for those who attend. What is the profit if each corporate member registers their full allotment of tickets and 127 nonmembers register? b. Use a two-way data table to show how profit changes as a function of number of registered nonmembers and the no-show percentage of nonmembers. Vary the number of nonmember registrants from 80 to 160 in increments of 5 and the percentage of nonmember no-shows from 10 to 30% in increments of 2%. 4. The University of Cincinnati Center for Business Analytics is an outreach center that collaborates with industry partners on applied research and continuing education in business analytics. One of the programs offered by the center is a quarterly Business Intelligence Symposium. Each symposium features three speakers on the real-world use of analytics. Each corporate member of the center (there are currently 10) receives five free seats to each symposium. Nonmembers wishing to attend must pay $75 per person. Each attendee receives breakfast, lunch, and free parking. The following are the costs incurred for putting on this event : a. Build a spreadsheet model that calculates a profit or loss based on the number of nonmember registrants. b. Use Goal Seek to find the number of nonmember registrants that will make the event break even.

Question

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Answer 1

Textbook Question

Chapter 7, Problem 5P

Consider again the scenario described in Problem 4.

a. The Center for Business Analytics is considering a refund policy for no-shows. No refund would be given for members who do not attend, but nonmembers who do not attend will be refunded 50% of the price. Extend the model you developed in Problem 4 for the Business Intelligence Symposium to account for the fact that, historically, 25% of members who registered do not show and 10% of registered nonmembers do not attend. The center pays the caterer for breakfast and lunch based on the number of registrants (not the number of attendees). However, the center pays for parking only for those who attend. What is the profit if each corporate member registers their full allotment of tickets and 127 nonmembers register?
b. Use a two-way data table to show how profit changes as a function of number of registered nonmembers and the no-show percentage of nonmembers. Vary the number of nonmember registrants from 80 to 160 in increments of 5 and the percentage of nonmember no-shows from 10 to 30% in increments of 2%.

4. The University of Cincinnati Center for Business Analytics is an outreach center that collaborates with industry partners on applied research and continuing education in business analytics. One of the programs offered by the center is a quarterly Business Intelligence Symposium. Each symposium features three speakers on the real-world use of analytics. Each corporate member of the center (there are currently 10) receives five free seats to each symposium. Nonmembers wishing to attend must pay $75 per person. Each attendee receives breakfast, lunch, and free parking. The following are the costs incurred for putting on this event:

Chapter 7, Problem 5P, Consider again the scenario described in Problem 4.
The Center for Business Analytics is considering

a. Build a spreadsheet model that calculates a profit or loss based on the number of nonmember registrants.
b. Use Goal Seek to find the number of nonmember registrants that will make the event break even.

a.

Expert Solution

To determine

Calculate the profit if each corporate member registers their full allotment of tickets and 127 non-members register.

Answer to Problem 5P

The required profit is $2,288.25.

Explanation of Solution

Calculation:

The EXCEL formulas for calculating the profit is displayed below:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 1

The output for the above mentioned formulas is shown below:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 2

Thus, the required profit is $2,288.25.

b.

Expert Solution

To determine

Utilise the two-way table to show the change of profit as a function of number of registered non-members and the no-show percentage of non-members using provided information.

Answer to Problem 5P

The two-way data table is obtained as follows:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 3

Explanation of Solution

Step-by-step procedure to create a data table using EXCEL is given below:

Click on Data>What-If-Analysis.
Select Data Table from the drop-down list.
Under Row input cell>click on cell $B$15.
Under Column input cell>click on cell $B$19.
Click Ok.

The output for two-way data table is thus obtained.

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Q.2.4 There are twelve (12) teams participating in a pub quiz. What is the probability of correctly predicting the top three teams at the end of the competition, in the correct order? Give your final answer as a fraction in its simplest form.

The table below indicates the number of years of experience of a sample of employees who work on a particular production line and the corresponding number of units of a good that each employee produced last month. Years of Experience (x) Number of Goods (y) 11 63 5 57 1 48 4 54 5 45 3 51 Q.1.1 By completing the table below and then applying the relevant formulae, determine the line of best fit for this bivariate data set. Do NOT change the units for the variables. X y X2 xy Ex= Ey= EX2 EXY= Q.1.2 Estimate the number of units of the good that would have been produced last month by an employee with 8 years of experience. Q.1.3 Using your calculator, determine the coefficient of correlation for the data set. Interpret your answer. Q.1.4 Compute the coefficient of determination for the data set. Interpret your answer.

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Answer 2

Textbook Question

Chapter 7, Problem 5P

Consider again the scenario described in Problem 4.

a. The Center for Business Analytics is considering a refund policy for no-shows. No refund would be given for members who do not attend, but nonmembers who do not attend will be refunded 50% of the price. Extend the model you developed in Problem 4 for the Business Intelligence Symposium to account for the fact that, historically, 25% of members who registered do not show and 10% of registered nonmembers do not attend. The center pays the caterer for breakfast and lunch based on the number of registrants (not the number of attendees). However, the center pays for parking only for those who attend. What is the profit if each corporate member registers their full allotment of tickets and 127 nonmembers register?
b. Use a two-way data table to show how profit changes as a function of number of registered nonmembers and the no-show percentage of nonmembers. Vary the number of nonmember registrants from 80 to 160 in increments of 5 and the percentage of nonmember no-shows from 10 to 30% in increments of 2%.

4. The University of Cincinnati Center for Business Analytics is an outreach center that collaborates with industry partners on applied research and continuing education in business analytics. One of the programs offered by the center is a quarterly Business Intelligence Symposium. Each symposium features three speakers on the real-world use of analytics. Each corporate member of the center (there are currently 10) receives five free seats to each symposium. Nonmembers wishing to attend must pay $75 per person. Each attendee receives breakfast, lunch, and free parking. The following are the costs incurred for putting on this event:

Chapter 7, Problem 5P, Consider again the scenario described in Problem 4.
The Center for Business Analytics is considering

a. Build a spreadsheet model that calculates a profit or loss based on the number of nonmember registrants.
b. Use Goal Seek to find the number of nonmember registrants that will make the event break even.

a.

Expert Solution

To determine

Calculate the profit if each corporate member registers their full allotment of tickets and 127 non-members register.

Answer to Problem 5P

The required profit is $2,288.25.

Explanation of Solution

Calculation:

The EXCEL formulas for calculating the profit is displayed below:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 1

The output for the above mentioned formulas is shown below:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 2

Thus, the required profit is $2,288.25.

b.

Expert Solution

To determine

Utilise the two-way table to show the change of profit as a function of number of registered non-members and the no-show percentage of non-members using provided information.

Answer to Problem 5P

The two-way data table is obtained as follows:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 3

Explanation of Solution

Step-by-step procedure to create a data table using EXCEL is given below:

Click on Data>What-If-Analysis.
Select Data Table from the drop-down list.
Under Row input cell>click on cell $B$15.
Under Column input cell>click on cell $B$19.
Click Ok.

The output for two-way data table is thus obtained.

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Answer 3

Textbook Question

Chapter 7, Problem 5P

Consider again the scenario described in Problem 4.

a. The Center for Business Analytics is considering a refund policy for no-shows. No refund would be given for members who do not attend, but nonmembers who do not attend will be refunded 50% of the price. Extend the model you developed in Problem 4 for the Business Intelligence Symposium to account for the fact that, historically, 25% of members who registered do not show and 10% of registered nonmembers do not attend. The center pays the caterer for breakfast and lunch based on the number of registrants (not the number of attendees). However, the center pays for parking only for those who attend. What is the profit if each corporate member registers their full allotment of tickets and 127 nonmembers register?
b. Use a two-way data table to show how profit changes as a function of number of registered nonmembers and the no-show percentage of nonmembers. Vary the number of nonmember registrants from 80 to 160 in increments of 5 and the percentage of nonmember no-shows from 10 to 30% in increments of 2%.

4. The University of Cincinnati Center for Business Analytics is an outreach center that collaborates with industry partners on applied research and continuing education in business analytics. One of the programs offered by the center is a quarterly Business Intelligence Symposium. Each symposium features three speakers on the real-world use of analytics. Each corporate member of the center (there are currently 10) receives five free seats to each symposium. Nonmembers wishing to attend must pay $75 per person. Each attendee receives breakfast, lunch, and free parking. The following are the costs incurred for putting on this event:

Chapter 7, Problem 5P, Consider again the scenario described in Problem 4.
The Center for Business Analytics is considering

a. Build a spreadsheet model that calculates a profit or loss based on the number of nonmember registrants.
b. Use Goal Seek to find the number of nonmember registrants that will make the event break even.

a.

Expert Solution

To determine

Calculate the profit if each corporate member registers their full allotment of tickets and 127 non-members register.

Answer to Problem 5P

The required profit is $2,288.25.

Explanation of Solution

Calculation:

The EXCEL formulas for calculating the profit is displayed below:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 1

The output for the above mentioned formulas is shown below:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 2

Thus, the required profit is $2,288.25.

b.

Expert Solution

To determine

Utilise the two-way table to show the change of profit as a function of number of registered non-members and the no-show percentage of non-members using provided information.

Answer to Problem 5P

The two-way data table is obtained as follows:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 3

Explanation of Solution

Step-by-step procedure to create a data table using EXCEL is given below:

Click on Data>What-If-Analysis.
Select Data Table from the drop-down list.
Under Row input cell>click on cell $B$15.
Under Column input cell>click on cell $B$19.
Click Ok.

The output for two-way data table is thus obtained.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 7, Problem 5P

Consider again the scenario described in Problem 4.

a. The Center for Business Analytics is considering a refund policy for no-shows. No refund would be given for members who do not attend, but nonmembers who do not attend will be refunded 50% of the price. Extend the model you developed in Problem 4 for the Business Intelligence Symposium to account for the fact that, historically, 25% of members who registered do not show and 10% of registered nonmembers do not attend. The center pays the caterer for breakfast and lunch based on the number of registrants (not the number of attendees). However, the center pays for parking only for those who attend. What is the profit if each corporate member registers their full allotment of tickets and 127 nonmembers register?
b. Use a two-way data table to show how profit changes as a function of number of registered nonmembers and the no-show percentage of nonmembers. Vary the number of nonmember registrants from 80 to 160 in increments of 5 and the percentage of nonmember no-shows from 10 to 30% in increments of 2%.

4. The University of Cincinnati Center for Business Analytics is an outreach center that collaborates with industry partners on applied research and continuing education in business analytics. One of the programs offered by the center is a quarterly Business Intelligence Symposium. Each symposium features three speakers on the real-world use of analytics. Each corporate member of the center (there are currently 10) receives five free seats to each symposium. Nonmembers wishing to attend must pay $75 per person. Each attendee receives breakfast, lunch, and free parking. The following are the costs incurred for putting on this event:

Chapter 7, Problem 5P, Consider again the scenario described in Problem 4.
The Center for Business Analytics is considering

a. Build a spreadsheet model that calculates a profit or loss based on the number of nonmember registrants.
b. Use Goal Seek to find the number of nonmember registrants that will make the event break even.

a.

Expert Solution

To determine

Calculate the profit if each corporate member registers their full allotment of tickets and 127 non-members register.

Answer to Problem 5P

The required profit is $2,288.25.

Explanation of Solution

Calculation:

The EXCEL formulas for calculating the profit is displayed below:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 1

The output for the above mentioned formulas is shown below:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 2

Thus, the required profit is $2,288.25.

b.

Expert Solution

To determine

Utilise the two-way table to show the change of profit as a function of number of registered non-members and the no-show percentage of non-members using provided information.

Answer to Problem 5P

The two-way data table is obtained as follows:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 3

Explanation of Solution

Step-by-step procedure to create a data table using EXCEL is given below:

Click on Data>What-If-Analysis.
Select Data Table from the drop-down list.
Under Row input cell>click on cell $B$15.
Under Column input cell>click on cell $B$19.
Click Ok.

The output for two-way data table is thus obtained.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

a.

Expert Solution

To determine

Calculate the profit if each corporate member registers their full allotment of tickets and 127 non-members register.

Answer to Problem 5P

The required profit is $2,288.25.

Explanation of Solution

Calculation:

The EXCEL formulas for calculating the profit is displayed below:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 1

The output for the above mentioned formulas is shown below:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 2

Thus, the required profit is $2,288.25.

b.

Expert Solution

To determine

Utilise the two-way table to show the change of profit as a function of number of registered non-members and the no-show percentage of non-members using provided information.

Answer to Problem 5P

The two-way data table is obtained as follows:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 3

Explanation of Solution

Step-by-step procedure to create a data table using EXCEL is given below:

Click on Data>What-If-Analysis.
Select Data Table from the drop-down list.
Under Row input cell>click on cell $B$15.
Under Column input cell>click on cell $B$19.
Click Ok.

The output for two-way data table is thus obtained.

Answer 8

a.

Expert Solution

To determine

Calculate the profit if each corporate member registers their full allotment of tickets and 127 non-members register.

Answer to Problem 5P

The required profit is $2,288.25.

Explanation of Solution

Calculation:

The EXCEL formulas for calculating the profit is displayed below:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 1

The output for the above mentioned formulas is shown below:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 2

Thus, the required profit is $2,288.25.

Answer 9

a.

Expert Solution

Answer 10

a.

Expert Solution

Answer 11

Expert Solution

Answer 12

To determine

Calculate the profit if each corporate member registers their full allotment of tickets and 127 non-members register.

Answer 13

Answer to Problem 5P

The required profit is $2,288.25.

Answer 14

Explanation of Solution

Calculation:

The EXCEL formulas for calculating the profit is displayed below:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 1

The output for the above mentioned formulas is shown below:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 2

Thus, the required profit is $2,288.25.

Answer 15

b.

Expert Solution

To determine

Utilise the two-way table to show the change of profit as a function of number of registered non-members and the no-show percentage of non-members using provided information.

Answer to Problem 5P

The two-way data table is obtained as follows:

Essentials Of Business Analytics, Chapter 7, Problem 5P , additional homework tip 3

Explanation of Solution

Step-by-step procedure to create a data table using EXCEL is given below:

Click on Data>What-If-Analysis.
Select Data Table from the drop-down list.
Under Row input cell>click on cell $B$15.
Under Column input cell>click on cell $B$19.
Click Ok.

The output for two-way data table is thus obtained.

Answer 16

b.

Expert Solution

Answer 17

b.

Expert Solution

Answer 18

Expert Solution

Answer 19

To determine

Utilise the two-way table to show the change of profit as a function of number of registered non-members and the no-show percentage of non-members using provided information.