Conduct the following descriptive statistics analysis using the data set – Assignment Solution
Conduct the following descriptive statistics analysis using the data set in attached Excel. Answer the questions in the spreadsheet or a separate Microsoft Word document. Insert a new column in the database that corresponds to AnnualSales. AnnualSales is the result of multiplying a restaurant’s SqFt by Sales/SqFt. Calculate the following:- mean
- standard deviation
- skew
- 5-number summary
- interquartile range (IQR) for      each of the variables
- Does it look symmetric?
- Would you prefer the IQR      instead of the standard deviation to describe this variable’s dispersion?      Why or why not?
- Is the distribution symmetric? Â Â Â Â Â If not, what is the skew?
- Are there any outliers? If so, Â Â Â Â Â 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?
- Section 1: Scope and      Descriptive Statistics
- Section 2: Analysis
- Section 3: Recommendations and      Implementation
- State the report’s objective.
- Discuss the nature of the      current database. What variables were analyzed?
- Summarize your descriptive      statistics findings from Part 1. Use a table and insert appropriate      graphs.
- BachDeg% versus Sales/SqFt
- MedIncome versus Sales/SqFt
- MedAge versus Sales/SqFt
- LoyaltyCard(%) versus      SalesGrowth(%)
- Based on your findings above,      assess which expansion criteria seem to be more effective. Is there any      expansion criterion that could be changed or eliminated? If so, which one      and why?
- Based on your findings above,      does it appear as if the loyalty card is positively correlated with sales      growth? Would you recommend changing this marketing strategy?
- Based on your previous      findings, recommend marketing positioning that targets a specific demographic.      (Hint: Are younger people patronizing the restaurants more than older      people?)
- Indicate what information      should be collected to track and evaluate the effectiveness of your      recommendations. How can this data be collected? (Hint: would you use survey/samples      or census data?)
