Beltway 113.5 79 58.5 103 86 56 Range

            Beltway Shoe Company monitors its sales numbers by
collecting data from random stores around the country. Three variables
of the eastern and western region of Beltway Shoe Company are to be analyzed.
It includes the original selling price, the selling price and the days to sell
of Western Region and Easter Region.  
For this purpose, the data of 50 pairs of each location have been
selected.  The descriptive statistics
such as mean, median, range and standard deviation has been used. 

Analysis

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Mean,
Median, STD Deviation and Range

Western Region

 

 

 

Eastern Region

 

 

 

Original Price

Sale Price

Days to Sell

Original Price

Sale Price

Days to Sell

Mean

109.78

80.44

62.68

108.62

85.24

62.36

Median

113.5

79

58.5

103

86

56

Range

96

109

188

76

101

187

Standard Dev

27.92

26.96

44.78

20.90

23.72

40.55

Minimum

54

34

1

73

40

2

Maximum

150

143

189

149

141

189

The above analysis shows that
the average original price of Western Region for 50 pairs is $109.78 with
median of $113.50 and standard deviation $27.92, with a range of $96.  The sale price average for the same region is
$80.44 with median of $79 and standard deviation of $26.96 with a range of
$109. The average days to sell for Western Region are around 62.68 days, with
median of 58.5 days, with standard deviation of 44.78 days with a range of 188
days.  The average original price of
Eastern Region for 50 pairs is $108.62 with median of $103 and standard
deviation $20.9, with a range of $76. 
The sale price average for the same region is $85.24 with median of $86
and standard deviation of $23.72 with a range of $101. The average days to sell
for Western Region are around 62.36 days, with median of 56 days, with standard
deviation of 40.55 days with a range of 187 days.   

Outliers

The higher value of each
variable has been determined by adding twice of standard deviation to mean and
the lower value of each variables has been determined by deducting twice of
standard deviation from mean. 

 

Original Price

Sale Price

Days to Sell

Original Price

Sale Price

Days to Sell

Outlier

 

 

 

 

 

 

Higher

No

137, 143

189

No

137, 139,141

145, 166, 189

Lower

NO

No

No

No

 No

No

There is no outlier for
original price for both regions; the sale price has outlier of $137 and 143 for
Western Region and $137, 139 and 141 for Eastern Region.  The days to sell for Western region has
outlier of 189 days and for Eastern Region the outliers are 145, 166 and 189
days.

90% Confidence Interval

The confidence interval for sales price for Western
Region is 50.44 +/- 6.27 and for Eastern Region it is 85.24 +/- 5.52.  The confidence interval for days to sell for
Western Region is 62.68 +/- 10.42 and for Eastern Region it is 62.36 +/- 9.43.

Sample Size

The sample size for Western Region is 40 and for Eastern
Region it is 43 if the margin of error is 5% and 6%, respectively.

Estimate of Sales Price

The mean of sales price to original price shows that it
is around 73.27% and 78.48% for Western Region and Eastern Region respectively,
therefore the estimated sales price for Western Region will be $88 for original
price of $120 and for Eastern Region it will be $98 for original price of $
125.

Conclusion

The above data will help the
management in estimating the future figures related to sales price and days to
sale based on the original price for a region. It will also help the management
in finding the well performing pairs and underperforming pairs.  In this way the management will be able to
concentrate on strong areas and will be able to remove the weak areas to
achieve the objective of management of maximization of profit. 

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