| University | Temasek Polytechnic (TP) |
| Subject | Business Statistics |
- You have resigned from your employment and taking a break from work. Instead of staying home, you decided to help out at your parents’ café business in the East Coast area, which is doing much better than expected with the economy opening up after 2 years of living with COVID-19 restrictions. Your parents encouraged you to learn the cafe business to let you take over eventually. Besides the hot and cold beverages, the cafe’s primary products are cakes and pies. All the products served at the café are baked by your parents, which is a key selling point. However, it is really hard work for your parents to prepare so many of these different products.
- Given your business training background, you are curious to see which products served at the café are the most popular and the amount a typical customer spends for each visit. You decided to track the primary items purchased and the amount customers spend for a randomly selected group of customers over 1 month. The data for the 70 customers surveyed can be found in the Table 1 worksheet in the EXCEL Data file.
- In addition, you would like to know how your parents’ café compares with others. Your good friend, Lynn, is also running a café in the West Coast area of Singapore. Her café business is very similar to your parents’ café business. She agreed to share her information with you which can be found in the Table 2 worksheet in the EXCEL Data file. Based on your observations of both cafés, do you think customers are spending more per visit at Café Recharge than at Café Luvitar? Since both cafés serve roughly the same number of customers each day, your parents’ café business is not performing as well as your good friend’s café business.
- After working for a couple of months at your parents’ cafe, you are seriously considering taking over the cafe business. In your mind, you have set some criteria:
i) The cafe should have at least a 90% chance of breaking even for any typical business day.
ii) Your parents’ cafe business should be comparable to your good friend’s cafe business.
iii) The estimated monthly profit at your parents’ cafe must exceed your previous monthly income of $5000.
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