Work the assigned problems in your text Business Analytics: Methods, Models, and Decisions 2nd edition USA:
1.5, page 32
1.9, page 32
1.12, page 32
1.13, page 32
Attached are also the required problems, along with Home Work Template. Data sets required are attached as well.
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
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?
https://online.vitalsource.com/#/books/9781323574355/epubcfi/6/2%5B%3Bvnd.vst.idref%3Dcover%5D!/4/2%5Bvst-image-button-76462%5D%400:25.4. For more information on A Business Analytic visit: https://en.wikipedia.org/wiki/Business_analyst
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