01 May You work in the corporate office for Allsup’s franchise that
You work in the corporate office for Allsup’s franchise that operates 316 stores in Texas and New Mexico. The per-store daily customer count (i.e., the mean number of customers in a store in one day) has been steady, at 900, for some time. To increase the customer count, the chain is considering cutting prices for coffee beverages. The small size will now be $0.57 instead of $0.99, and the medium size will be $0.67 instead of $1.19. Even with this reduction in price, the chain will have a 42% gross margin on coffee. To test the new initiative, the chain has reduced coffee prices in a sample of 34 stores, where customer counts have been running almost exactly at the national average of 900. After four weeks, the stores sampled stabilize at a mean customer count of 967 and a standard deviation of 196. Using a 0.05 alpha level determine if there statistical evidence that reducing coffee prices is a good strategy for increasing the mean customer count. . Include considerations that could make a future study even more accurate? H0: μ ≤ 900 H 1 : μ > 900
Include, at a minimum, following data for your hypothesis test. X bar, S, n, df, , alpha, Critical t value, tSTAT , and the units of the Standard Deviation. Use Power Point from Assignment 1 (Module 9) as your outline for the structure of this decision paper. Observe whether or not the tSTAT falls within or out of the zone of rejection. Above All Else….Make a Recommendation in your paper to the vice president
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