2.Task 1
You are asked to carry out a study on behalf of a business analytics specialised consultancy on a subsample
...
on a subsample of weekly data from Randall’s Supermarket, one of the biggest in the UK. Randall’s marketing management team wishes to identify trends and patterns in a sample of weekly data collected for a number of their loyalty cardholders during a 26-week period. The data includes information on the customers’ gender, age, shopping frequency per week and shopping basket price. Randall’s operates two different types of stores (convenient stores and superstores) but they also sell to customers via an online shopping platform. The collected data are from all three different types of stores. Finally, the data provides information on the consistency of the customer’s shopping basket regarding the type of products purchased. These can vary from value products, to brand as well as the supermarket’s own high-quality product series Randall’s Top. As a business analyst you are required to analyse those data, make any necessary modifications in order to determine whether for any single customer it is possible to predict the value of their shopping basket.
Randall’s marketing management team is only interested in identifying whether the spending of the potential customer will fall in one of three possible groups including:
• Low spender (shopping basket value of £25 or less)
• Medium Spender (shopping basket value between £25.01 and £70) and
• High spenders (shopping basket greater than £70)
For the purpose of your analysis you are provided with the data set Randall’s.xls. You have to decide, which method is appropriate to apply for the problem under consideration and undertake the necessary analysis. Once you have completed this analysis, write a report for the Randall’s marketing management team summarising your findings but also describing all necessary steps undertaken in the analysis. The manager is a competent business analyst himself/herself so the report can include technical terms, although you should not exceed five pages. Screenshots and supporting materials can be included in the appendix.
Requirements
After completing your analysis, you should submit a report that consists of two parts. Part A being a non-technical summary of your findings and Part B a detailed report of the analysis undertaken with more details.
Part A: A short report for the Head of Randall’s Marketing Management (20 per cent). This should briefly explain the aim of the project, a clear summary and justification of the methods considered as well as an overview of the results.
Although, the Head of Randall’s Marketing Management team who will receive this summary is a competent business analytics practitioner, the majority of the other team members have little knowledge of statistical modelling and want to know nothing about the technical and statistical underpinning of the techniques used in this analysis. This report should be no more than two sides of A4 including graphs, tables, etc. In this report you should include all the objectives of this analysis, summary of data and results as well as your recommendations (if any).
Part B: A technical report on the various stages of the analysis (80 per cent).
The analysis should be carried out using the range of analytics tools discussed:
• SPSS Statistics
Ensure that the exercise references:
• Binary and multinomial logistic regression
• Linear vs Logistic regression
• Logit Model with odds Ratio
• Co-efficients and Chi Squared
• MLR co-efficients
• Assessing usefulness of MLR model
• Interpreting a model
• Assessing over-all model fit with Psuedo R-Squared measures
• Classification accuracy (Hit Ratio)
• Wald Statistic
• Odd ratio exp(B)
• Ratio of the probability of an event happening vs not happening
• Ratio of the odds after a unit change in the predictor to the original odds
• Assumptions
• Residuals analysis
• Cook’s distance
• DfBeta
• Adequacy (with variance inflation factor VIF and tolerance statistic)
• Outliers and influential points cannot just be removed. We need to check them (typo? – unusual data?)
• Check for multicollinearity
• Parsimony
Write a short and concise report to explain the technical detail of what you have done for each step of the analysis.
The report should also cover the following information:
• Any type of analysis that might be useful and check whether the main assumptions behind the analyses do not hold or cannot be
• Give evidence of the understanding of the statistical tools that you are using. For example, comment on the model selection procedure and the coefficient interpretation, e.g. comment on the interpretation of the logistic regression coefficients if such a method is used and provide an example of
• Conclusions and explanation, in non-technical terms, of the main points
View More
3.1. For this question, you will review a process, identify problem areas ( such as wastes, cycle time inefficiencies, etc),
...
inefficiencies, etc), and suggest an improved process. Open and read the Process Improvement (Final Q 1)
document which describes the process steps in words and also includes a process map as a visual tool for understanding what's going on in each step. You will need to respond to the following three sub-questions:
FINAL Q1: 3 Attachments are the Q1
------------------------------------------------------------------------------------------------------------------------------------------------------------------
I need the 3 part question answered. This is everything in the question.. Understand that there is NOTHING INCOMPLETE, I have added everything that was sent to us.
------------------------------------------------------------------------------------------------------------------------------------------------------------------
a. Of the 9 process steps in the Process Improvement (Final Q 1) document, which specific steps in that process are experiencing lean wastes and/or process cycle time issues (please note, there is more than one step experiencing issues). In your response, name the process step, and/or the transfer interface between steps, and what waste(s) or cycle time issue is involved. Be sure to use standard lean/six sigma terminology that we used in the course when referring to any of the quality concepts; e.g., transportation waste when referring to situations involving a lot of moving around from one place to another.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
b. Which of the process steps you identified in part a do you believe could benefit from process improvement and why?
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
c. What changes would you institute in the process to improve the steps you cited in part b of this question and describe how those changes improves the process. Be specific about which process step(s) your improving and thoroughly describe the improvement to that step. [Note: This question ties to what you decided was important in part b question above.] Also, when answering how you would improve a given process step, assume you have an unlimited budget and personnel resources and you can do mostly anything you want as long as it doesn't violate the laws of physics or the judicial system. Be cautious though because process improvement is designed to save time, money, and resources in doing the needed work.For example, automation is good, and also potentially expensive, so is it worth it for the improvement? - you will have to be the judge of that.
View More
4.Hi there, I've been struggling with the problem for quite a while and i have not been able to find
...
formula online to help.. It should be a simple straightforward problem but i just can not for the life of me figure it out. are you able to provide me with a formula or point me in the right direction?
The problem is:
Solution A has a 50% concentration
Solution B has a 100% concentration
Solution C has a 5% concentration
you have 5L of each solution to utilize as well as unlimited quantities of water to dilute solution concentrations if needed.
Part A
Make a final solution of 100ml with solution concentrations of Solution A 15%, solution C 5% and solution C 80%. how much of each solution will you need to make your final 100ml solution?
Part B
using the above solutions how many 100ml final solutions can you produce with the 5L volumes?
No matter how I work it i can't make the solution to the correct concentrations.
Thank you for your help.
John
View More
5.Hi there, I've been struggling with the problem for quite a while and i have not been able to find
...
formula online to help.. It should be a simple straightforward problem but i just can not for the life of me figure it out. are you able to provide me with a formula or point me in the right direction?
The problem is:
Solution A has a 50% concentration
Solution B has a 100% concentration
Solution C has a 5% concentration
you have 5L of each solution to utilize as well as unlimited quantities of water to dilute solution concentrations if needed.
Part A
Make a final solution of 100ml with solution concentrations of Solution A 15%, solution C 5% and solution C 80%. how much of each solution will you need to make your final 100ml solution?
Part B
using the above solutions how many 100ml final solutions can you produce with the 5L volumes?
No matter how I work it i can't make the solution to the correct concentrations.
Thank you for your help.
John
View More
8.I have the following budget constraints for an agent. In the first period of his life, he only can get
...
et loans (he doesn't "earn" income). With the loans (L) he needs to decide between first period consumption (C1) and investment (I). The amount invested will allow him to get a second period income Y with probability P which is increasing in I (therefore, P(I)), In case of success and the person obtain Y, the individual should use Y to repay the loan (L) that he requested in the first period and consume in the second period (C2). However, with probability 1 - P(I), the person don't get Y and therefore only consume C1. Note that if the individual only invest the loan (L=I) and don't obtain Y, he can't consume anything. That motivates him not to invest the whole loan and keep part of the loan in order to warrant at least first period consumption. Therefore, considering B the parameter for the time preference, the problem would be:
max U=ln(C1) + Bln(C2)
s.t: L = I + C1
Y(I) = L(1+r) + C2
with Probability P(I)
or
s.t: L = I + C1
with probability 1 - P(I)
My question is, Have you ever seen something like this? If yes, how to proceed? What is more important, I really need a bibliography (a book or article talking about this)
View More