Other >> Sales & RetailThe Probability of Michael's Custom Framing Salesby Alexis Thomas
Submitted : Spring 2012 This project was designed to find the probability of custom frames sold from day to day within one Michael's Craft store. The probability was found through the normal distribution probability density function for each amount of frames that could be sold each day. The highest number of frames with the highest probability was nine frames in one day with the probability value of 0.190. This was a higher expected value than hypothesized which showed that this store had a higher average of sales than other Michaels Stores in the area. Through the result found using the normal pdf, each Michaels store can determine their probability of a maximum number of frames to be sold on any given day. This allows payroll to be more specifically geared towards the framing counter and aid in making more sales and saving money on unneeded payroll. This was a useful project for the store manager of the Michaels store that the data came from. Other ways were also determined for further research of more precise probabilities that included adding in the value of weekends' greater sales and calculating the increased probability from weekly sale ads.
