Statistics in the Hardware Store
Statistics can be used in a variety of ways in a hardware store. Because it is a retail business, the main reason for the use of statistics for decision making that will help the business financially prosper. They are used to determine what products customers want and need and how much of each item to keep in stock. Statistics are used answer important questions like when customers are going to purchase and how much they are going to spend (Boatwright, Borle, & Kadane, 2003). They are also are used in pricing models for the merchandise, in the marketing strategies of the store (for example, determining who the target customer is), and almost every other aspect of the store's operation.
A hardware store has many uses for descriptive statistics. The owners and managers need to know what the data look like in order to make informed decisions. One example would be products to have in stock. If the store determines the average products that sell the most, they know which items should have the most stock (and have their stock replaced). For example, if an average (arithmetic mean) of one hammer is sold per month, but, on average (arithmetic mean),...
complexities of doing business in our virtual age, looking in particular at e-commerce but also asking how the presence of e-commerce on the market has affected traditional businesses as well. Once upon a time - that golden age - things were simple. You decided you wanted to grow up to be a bookstore owner. Or a hardware store manager. Or a florist. So you leased a store, bought some
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