Classify each of the data elements in the Sales Transactions database (Figure 1.1, see below) as categorical, ordinal, interval, or ratio data and explain why.
Please review the following attachments for the assignment details.
Requirements: As Required
BUSN250 HW PROBLEMS- TEXT 2ND EDITION
W1
1.5 Classify each of the data elements in the Sales Transactions database (Figure 1.1, see below) as categorical, ordinal, interval, or ratio data and explain why.
1.9 A bank developed a model for predicting the average checking and savings account balance as balance= −17,732 + 367×age + 1,300×years education + 0.116×household wealth
Explain how to interpret the numbers in this model.
Suppose that a customer is 32 years old, is a college graduate (so that years education = 16), and has a household wealth of $150,000. What is the predicted bank balance?
1.12 Return on investment (ROI) is computed in the following manner: ROI is equal to turnover multiplied by earnings as a percent of sales. Turnover is sales divided by total investment. Total investment is current assets (inventories, accounts receivable, and cash) plus fixed assets. Earnings equal sales minus the cost of sales. The cost of sales consists of variable production costs, selling expenses, freight and delivery, and administrative costs.
Construct an influence diagram that relates these variables.
Define symbols and develop a mathematical model.
1.13 Total marketing effort is a term used to describe the critical decision factors that affect demand: price, advertising, distribution, and product quality. Let the variable x represent total marketing effort. A typical model that is used to predict demand as a function of total marketing effort is
D=axb
Suppose that a is a positive number. Different model forms result from varying the constant b. Sketch the graphs of this model for b = 0, b = 1, 0 < b < 1, b < 0, and b > 1.
What does each model tell you about the relationship between demand and marketing effort? What assumptions are implied? Are they reasonable? How would you go about selecting the appropriate model?
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2.1 The Excel file Science and Engineering Jobs shows the number of jobs in thousands in the year 2000 and projections for 2010 from a government study. Use the Excel file to compute the projected increase from the 2000 baseline and also the percentage increase for each occupational category.
2.2 The Excel file Store and Regional Sales Database provides sales data for computers and peripherals showing the store identification number, sales region, item number, item description, unit price, units sold, and month when the sales were made during the fourth quarter of last year.3 Modify the spreadsheet to calculate the total sales revenue for each of the eight stores as well as each of the three sales regions.
3 Based on Kenneth C. Laudon and Jane P. Laudon, Essentials of Management Information Systems, 9th ed. (Upper Saddle River, NJ: Prentice Hall, 2011).
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