INVESTIGATION 3: Mr Wilkinson, as the CEO of the company, would like to expand opening hours of the department stores run buy his company. His business analyst has gathered data from the last 4 years of customers visiting the stores at 4 different time slots. 10-12, 12-2, 2-4 and 4-6. He wants to see if there is a pattern of the customers visiting the stores at different time slots and establish new strategies for the upcoming years. 2017 2019 2020 Time Slots 10-12 12:2 24 44 10-12 122 24 46 10-12 12:2 24 46 10-12 12-2 24 48 No al Customers 1200 3412 1810 1900 1320 1520 2102 2200 1530 1670 2310 230 1500 1800 2200 2350 Task 5 (Maximum 4 Marks) Learning Outcomes) LOS LO6 Using time series analysis create a chart for the data above, centred 4 point moving averages curve and the trend line. Task 6 (Maximum 3 Marks) Learning Outcomes) LO2 LO3 LO5 Explain and elaborate the trend you have observed on your chart and suggest your own interpretation about the number of customers visiting the stores at different time slots. Explain the trendline equation and the differences between the trend line values and observed values. Task 7 (Maximum 3 Marks) Learning Outcome(s) LO5 In your report you are asked to predict the number of customers visiting the LO6 stores in 2021 for each time slot. Stud Learning outcomes: Knowledge and Understanding LO2: Evaluate the strengths and weaknesses of alternative models, and consequently, of any conclusions drawn. Subject Specific Skills LO3: Identify, simplify and abstract the underlying mathematical structure of a business situation allowing a business-related problem to be modelled. LO4: Solve a range of business-related problems either deterministically or probabilistically as appropriate. LO5: Choose and apply appropriate techniques in algebra and calculus in finding a solution to a problem. Key and Employability Skills LO6: Use a range of IT packages, including calculators, spreadsheets, word processors and skills in the analysis and solution of business problems. INVESTIGATION 3: Mr Wilkinson, as the CEO of the company, would like to expand opening hours of the department stores run buy his company. His business analyst has gathered data from the last 4 years of customers visiting the stores at 4 different time slots. 10-12, 12-2, 2-4 and 4-6. He wants to see if there is a pattern of the customers visiting the stores at different time slots and establish new strategies for the upcoming years. 2017 2019 2020 Time Slots 10-12 12:2 24 44 10-12 122 24 46 10-12 12:2 24 46 10-12 12-2 24 48 No al Customers 1200 3412 1810 1900 1320 1520 2102 2200 1530 1670 2310 230 1500 1800 2200 2350 Task 5 (Maximum 4 Marks) Learning Outcomes) LOS LO6 Using time series analysis create a chart for the data above, centred 4 point moving averages curve and the trend line. Task 6 (Maximum 3 Marks) Learning Outcomes) LO2 LO3 LO5 Explain and elaborate the trend you have observed on your chart and suggest your own interpretation about the number of customers visiting the stores at different time slots. Explain the trendline equation and the differences between the trend line values and observed values. Task 7 (Maximum 3 Marks) Learning Outcome(s) LO5 In your report you are asked to predict the number of customers visiting the LO6 stores in 2021 for each time slot. Stud Learning outcomes: Knowledge and Understanding LO2: Evaluate the strengths and weaknesses of alternative models, and consequently, of any conclusions drawn. Subject Specific Skills LO3: Identify, simplify and abstract the underlying mathematical structure of a business situation allowing a business-related problem to be modelled. LO4: Solve a range of business-related problems either deterministically or probabilistically as appropriate. LO5: Choose and apply appropriate techniques in algebra and calculus in finding a solution to a problem. Key and Employability Skills LO6: Use a range of IT packages, including calculators, spreadsheets, word processors and skills in the analysis and solution of business problems