Finer Diner Statistical Calculations

Finer Diner Statistical Calculations

Instructions:

Use The Finer Diner Sales Report resource to do the following:

•Calculate the mean, median, mode, max, min, range, standard deviation and variance of the number of tables served, food sales, and drink sales for the quarter.

•Calculate the mean, median, max and min for nights when Alan & the Jacksons are playing, and for nights when Mountain Gospel Trio is playing.

Use the data on the Survey Results Data page from The Finer Diner Sales Report, to complete the following:
•Calculate the probable number of patrons who indicated ‘yes’ to both questions on the survey form.

Compose a 350- to 700-word summary of your findings as if reporting it to the owners of the business, in which you:
•Define the descriptive data presented to be understood by the owners of the organization.
•Identify opportunities for increasing income from the data, and
•Recommend two changes in nightly special and/or entertainment in an effort to boost sales.

Finer Diner Statistical Calculations

The Finer Diner used statistical methods to summarize gathered data from its Tuesday night sales report and conduct a survey. The data that was calculated was number of tables served, number of food sales, and number of drink sales. They also calculated the mean, median, max and min for the nights when Alan & the Jacksons and Mountain Gospel Trio were playing. After gathering this data, they then calculated the probable number of patrons who indicated ‘yes’ to both questions below:

• Question 1 asked respondents to indicate whether they dined at The Finer Diner primarily because of the Nightly Special Dinner selection.
• Question 2 asked respondents to indicate whether they dined at The Finer Diner primarily because of the entertainment offering for the evening.

The descriptive data that was presented were mean, median, mode, max, min, range, standard deviation and variance. In order to find the mean or average number of tables served, food sales, drink sales and nights when Alan & the Jacksons and Mountain Gospel Trio performed, they added the values of the data and divided by the total number of values.

• Tables served: 88+86+2+96+80+101+75+88+84+125+95+88+62= 1,150/13=5
• Food sales: 2426.11+1916.31+1256.05+1451.15+2529.76+2770.80+1456.33+1670.73+1427.98+3013.91+1673.54+2226.38+1825.61= \$25,644.66/13= \$1,977.67
• Drink sales: 675.63+783.57+328.11+494.39+710.58+793.08+299.77+862.84+529.04+1387.33+568.14+159.82+315.96= \$7,908.26/13= \$608.33

They calculated the data when the two groups Alan & the Jacksons and Mountain Gospel Trio performed. More tables served (84.7), food sales (\$2,038.93), and drink sales (\$785.66) were up when the entertainment was Alan & the Jacksons. The median is the halfway point in the number of tables served, food sales, and drink sales and nights when Alan & the Jacksons and Mountain Gospel Trio performed.

• Tables served: 62+75+80+82+84+86+88+88+88+95+96+101+125
• Food sales: 1256.05+1427.98+1451.15+1456.33+1670.73+1673.54+61+1916.31+2226.38+2426.11+2529.76+2770.80+3013.91
• Drink sales: 159.82+299.77+315.96+328.11+494.39+529.04+14+675.63+710.58+783.57+793.08+862.84+1387.33

They calculated the data when the two groups Alan & the Jacksons and Mountain Gospel Trio performed. The median for tables served (86), food sales (\$1,916.31), and drink sales (\$783.57) were up when the entertainment was Alan & the Jacksons. The value that occurs most often in the number of tables served, food sales, and drink sales is the mode.

• Tables served: 62+75+80+82+84+86+88+88+88+95+96+101+125
• Food sales: no mode
• Drink sales: no mode

The max and min are the descriptive statistics that is easy to marginalize. The max and min for the number of tables served, food sales, and drink sales and nights when Alan & the Jacksons and Mountain Gospel Trio performed.

• Tables served: 62 is the min and 125 is the max
• Food sales: \$3,013.91 is the max and \$1,256.05 is the min
• Drink sales: \$1,387.33 is the max and \$159.82 is the min

They calculated the data when the two groups Alan & the Jacksons and Mountain Gospel Trio performed. The max (88) and min (80) for tables served, max (2529.76) and min (1670.73) for food sales, and max (862.84) and min (710.58) for drink sales were up when the entertainment was Alan & the Jacksons. The range for the number of tables served, food sales, and drink sales.

• Tables served: 63
• Food sales: \$1,757.86
• Drink sales: \$1,227.51

Standard deviation is the measure of how spread out numbers is. The standard deviation for the number of tables served, food sales, and drink sales.

• Tables served: 14.8
• Food sales: \$566.85
• Drink sales: \$320.51

The average of the squared differences from the mean is the variance. The variance for the number of tables served, food sales, and drink sales are:

• Tables served: 217.8
• Food sales: \$311,315.77
• Drink sales: \$102,725.06

The Finer Diner can run specials on drinks or discounts on meals to increase patrons on the nights that are not the most profitable. In an effort to boost sales, they should serve Surf and Turf when Alan & the Jacksons perform and Baby back ribs when Mountain Gospel Trio performs.

Do you want your assignment written by the best essay experts?  Order Now, and enjoy an amazing discount!!