banking on control
Singapore - STAT1060
Business Decision Making
Assignment 1
Tutorial Group: B3
Tutor: Alex Soon
Complete by:
Liu Yilin & Liao Jing
Question 1 (8 marks)
A small greengrocery is very popular with the local residents. Honey is one of the commodities that customers find particularly appealing and accordingly its sales are high. However the supplier of a locally produced honey “Bees Knees” is questioning why sales of this brand at the greengrocery are so poor when compared with other brands. You have been commissioned by the supplier to investigate this issue. As part of the investigation, you must answer the following questions and report back to the supplier.
a) What is the symptom of the problem that has been identified by the supplier? (1 mark)
Sales of this brand at the greengrocery are so poor when compared with other brands
b) Identify TWO possible causes (underlying problems) for the symptom. (4 marks)
The differences in price of honey “Bees Knees” and other brands
Lack of promotions for “Bees Knees” honey compare with other brands
c) Write a Management Decision Problem based on ONE of the causes you identified in part b). (2 marks)
Should the prices be reduced
d) One strategy to investigating the issue of poor sales is to gather information from the customers. When gathering such information, define the target population of interest. (1 mark)
The proposed sampling method’s target population is all customers went for shopping in the small greengrocery
Question 2 (22 marks)
The owner of a large car dealership wants to understand the negotiation process for buying a new car. Cars are given a “sticker price,” but that a potential buyer may negotiate a better price is well known. The owner wonders if there is a difference in how men and women negotiate and who, if either, obtains the larger discount. The owner takes a random sample of 100 customers from the last six months’ sales and finds that 54 were men
Business Decision Making
Assignment 1
Tutorial Group: B3
Tutor: Alex Soon
Complete by:
Liu Yilin & Liao Jing
Question 1 (8 marks)
A small greengrocery is very popular with the local residents. Honey is one of the commodities that customers find particularly appealing and accordingly its sales are high. However the supplier of a locally produced honey “Bees Knees” is questioning why sales of this brand at the greengrocery are so poor when compared with other brands. You have been commissioned by the supplier to investigate this issue. As part of the investigation, you must answer the following questions and report back to the supplier.
a) What is the symptom of the problem that has been identified by the supplier? (1 mark)
Sales of this brand at the greengrocery are so poor when compared with other brands
b) Identify TWO possible causes (underlying problems) for the symptom. (4 marks)
The differences in price of honey “Bees Knees” and other brands
Lack of promotions for “Bees Knees” honey compare with other brands
c) Write a Management Decision Problem based on ONE of the causes you identified in part b). (2 marks)
Should the prices be reduced
d) One strategy to investigating the issue of poor sales is to gather information from the customers. When gathering such information, define the target population of interest. (1 mark)
The proposed sampling method’s target population is all customers went for shopping in the small greengrocery
Question 2 (22 marks)
The owner of a large car dealership wants to understand the negotiation process for buying a new car. Cars are given a “sticker price,” but that a potential buyer may negotiate a better price is well known. The owner wonders if there is a difference in how men and women negotiate and who, if either, obtains the larger discount. The owner takes a random sample of 100 customers from the last six months’ sales and finds that 54 were men