Number of hours spent shopping yearly in the

Number of hours spent shopping yearly in the - Analogous...

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Click to edit Master subtitle style 5/11/09 Number of hours spent shopping yearly in the U.S. Simon S. Sidhom, Ryan O’Grady, Chris Jessen
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5/11/09 Bottoms Up Estimate Is comprised of specific known numbers put together to make up an estimate Simon used a bottoms up estimate based on major stores and their hours of operation The number of people in the store each hour was roughly estimated from previous experiences at each of
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5/11/09 Ten major stores and their hours of operation. Path mar k Shoprit e P Macy ’s J.C.P enne y Sear s Hom e Depo t K- Mart Best Buy Circu it City Daily Hours 24 18 20 12 12 12 12 12 11 11 Approxi mate number of people per hour 200 200 15 0 30 30 40 40 50 20 20 Number of locations in NJ 125 140 84 8 20 50 140 61 6 20
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5/11/09 Hours spent shopping For each store the number of people per hour times the number of hours of operation times the number of locations gives the number of hours spent shopping at each store daily in NJ Add them all together for the total number of hours spent shopping in NJ daily which is about 1,350,000 hours
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5/11/09
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Unformatted text preview: Analogous estimate • Is when you use information that is available to you to calculate your estimate. • Ryan and Chris used this by using the internet to find out statistics like income and population. • We used income and amount people spend on products to find our estimate. 5/11/09 Analogous Estimate (cont’d) • We then figured out how many hours a year people spend shopping which was about 43 for Chris and 66 for Ryan • We multiplied this by the current estimated population and got our estimates. • Chris got 13 billion hours. 5/11/09 Group Estimate • Realized flaws in each estimate. – Bottoms up- number of business days in a year, number of stores in NJ compared to most states – Analogous- amount spent each time shopping varies, hours would increase per person • Fixed the flaws • And averaged the two 5/11/09 References • 2000 Census • www.switchboard.com • Department of Labor: consumer expenditures...
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This note was uploaded on 04/07/2008 for the course BT 131 taught by Professor Seymore during the Fall '08 term at Stevens.

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Number of hours spent shopping yearly in the - Analogous...

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