Modelling Assignment- The school tuck shop
Statement of the problem
I am going to investigate the sales in a school tuck shop so I can maximize the products by changing the selling price. I am going to set up the model by using Microsoft excel and preparing a spreadsheet to put my data in. For each model, I will put the product, cost price, selling price, profit per item, sales and the overall profit, which is the most important that I am looking for.
I will compare my results with the real data, and decide whether my results fit with the real data. If then I find that my model is not good enough, I will have to change some of my rules from my model. E.g.- change the selling price to coincide with the cost price etc. I will then be able to see if my model reflects the real data more closely.
Annotated Hard Copies
This is the original data from PART 1 of my modelling assessment. In this part, I had to find out the profit made per item, (mars, crisps, spira), record the original sales, the actual profit made for each product and the overall profit made by the tuck shop.
By getting these results, I could then put the information into a graph to be able to look at the data more easily.
This is the formulas I used to create the data for PART 1.
This is the investigation to find the best price for each product. First of all I have investigated the best price for a mars bar. I ranged my prices from 32p to 50p, whilst keeping the cost price the same for every occasion.
From this first investigation I have found that my best selling price is 37p.
