Assignment: Please help guide me towards the right direction!! Thank you
Shaving Cream
2.4/6 points (graded)
You are working with the marketing team for a FMCG firm that produces shaving cream. The team believes that sales of some of the products are closely related to sales of other products. They want you to explore this in a little more depth for two products, SKU 824 and SKU 935. Unfortunately, all of the base sales data for these products has been destroyed. All that you have is the weekly summary data:
Now the marketing team wants to understand the potential weekly sales for these two products. Let the sales price for the two SKUs be 12.50, 7.75, respectively.
Q: I have solved parts 1 and first part of part 2 of this assignment, needing help with the following:
Part 2
Now the marketing team wants to understand the potential weekly sales for these two products. Let the sales price for the two SKUs be 12.50, 7.75, respectively.
Assume that marketing is correct and the correlation = 0.67.
What is the standard deviation of the weekly revenue?
Write your answer as a number with at least 2 decimal places.
Me: Using stdev formula: sqrt((12.5^2*115^2)+(7.75^2*202^2)) = stdev of weekly sales is 2725.37
Answer was not correct
Part 3
Assuming the joint distribution is normal, and the marketing team’s correlation of 0.67 is correct. What is the probability that weekly sales will be between 10,000 and 20,000 dollars?
Me: Not sure how to approach this question. I attempted calculating Z scores of both skus but from the Z table the decimal points are not detailed enough?
Part 4
Which of the following statements are true:
Choose the correct answer.
a. The population mean is always greater than the sample mean.
b. Everything else being equal, the Confidence Interval for a sample increases with the number of observations (n) in the sample.
c. The t-distribution is used for small sample sizes instead of the Normal.
d. Holding all else equal, reducing the probability of a Type I error actually increases the probability of a Type II error.
Me: Chose c and was wrong.
Shaving Cream
2.4/6 points (graded)
You are working with the marketing team for a FMCG firm that produces shaving cream. The team believes that sales of some of the products are closely related to sales of other products. They want you to explore this in a little more depth for two products, SKU 824 and SKU 935. Unfortunately, all of the base sales data for these products has been destroyed. All that you have is the weekly summary data:
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Now the marketing team wants to understand the potential weekly sales for these two products. Let the sales price for the two SKUs be 12.50, 7.75, respectively.
Q: I have solved parts 1 and first part of part 2 of this assignment, needing help with the following:
Part 2
Now the marketing team wants to understand the potential weekly sales for these two products. Let the sales price for the two SKUs be 12.50, 7.75, respectively.
Assume that marketing is correct and the correlation = 0.67.
What is the standard deviation of the weekly revenue?
Write your answer as a number with at least 2 decimal places.
Me: Using stdev formula: sqrt((12.5^2*115^2)+(7.75^2*202^2)) = stdev of weekly sales is 2725.37
Answer was not correct
Part 3
Assuming the joint distribution is normal, and the marketing team’s correlation of 0.67 is correct. What is the probability that weekly sales will be between 10,000 and 20,000 dollars?
Me: Not sure how to approach this question. I attempted calculating Z scores of both skus but from the Z table the decimal points are not detailed enough?
Part 4
Which of the following statements are true:
Choose the correct answer.
a. The population mean is always greater than the sample mean.
b. Everything else being equal, the Confidence Interval for a sample increases with the number of observations (n) in the sample.
c. The t-distribution is used for small sample sizes instead of the Normal.
d. Holding all else equal, reducing the probability of a Type I error actually increases the probability of a Type II error.
Me: Chose c and was wrong.
