Statistics Analysis
Calculate the mean, standard deviation, skew, 5-number summary, and interquartile range (IQR) for each of the variables.
Create a box-plot for the “Annual Sales” variable. Does it look symmetric? Would you prefer the IQR instead of the standard deviation to describe this variable’s dispersion? Why?
Create a histogram for the “Sales/SqFt” variable. Is the distribution symmetric? If not, what is the skew? Are there any outliers? If so, 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?
Discuss the nature of the current database. What variables were analyzed?
Summarize your descriptive statistics findings from Excel. Use a table and insert appropriate graphs.Section 3: Recommendations and implementation
Based on your findings above, assess which expansion criteria seem to be more effective. Could any expansion criterion 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?)