Apply: Week 5 Case
You are the manager of a retail store. You want to investigate how metrics can improve the way you manage your business.
Use the Week 5 Data Set to create and calculate the following in Excel:
1. Conduct a goodness of fit analysis which assesses orders of a specific item by size and items you received by size.
2. Generate a scatter plot, the coefficient, and the linear equation that evaluates whether a relationship exists between the number of times a customer visited the store in the past 6 months and the total amount of money the customer spent.
3. Use the regression line formula to forecast how much a customer might spend on merchandise if that customer visited the store 13 time in a 6 month period. Consider the average monthly sales of 2014, $1310, as your base to:
4. In the Data Analysis Toolpak, use Excel’s Exponential Smoothing optiob.
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