{"id":104680,"date":"2021-01-29T12:49:33","date_gmt":"2021-01-29T07:19:33","guid":{"rendered":"https:\/\/www.vskills.in\/certification\/tutorial\/?page_id=104680"},"modified":"2024-04-12T14:28:09","modified_gmt":"2024-04-12T08:58:09","slug":"data-driven-modeling","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/data-driven-modeling\/","title":{"rendered":"Data-Driven Modeling"},"content":{"rendered":"\n

Logic-drive modeling is usually the first step to establish relationships through data driven models (using data collected from many sources to quantitatively establish model relationships.<\/p>\n\n\n\n

Example<\/strong><\/p>\n\n\n\n

In the spring, a department store introduces a new line of bathing suits that sells for $70. The store purchases 1000 of these bathing suits. During the prime selling season, the store sells an average of 7 units per day at full price (40 days). On 10 sale days, the price is discounted 30% and sales increase to 32.2 units per day. Around July 4th, the price is marked down 70% to sell off remaining inventory. Determine total revenue from the bathing suits.<\/p>\n\n\n\n

Assume a linear trend model between sales and price:<\/p>\n\n\n\n

daily sales = a \u2013 b(price)<\/p>\n\n\n\n

7 = a \u2013 b(70)<\/p>\n\n\n\n

32.2 = a \u2013 b(49)<\/p>\n\n\n\n

Daily sales = 91 \u2013 1.2(price)<\/p>\n\n\n\n

Revenue from full retail sales<\/p>\n\n\n\n

= units sold * days * price<\/p>\n\n\n\n

= (7)*(40)*(70)<\/p>\n\n\n\n

= $19,600<\/p>\n\n\n\n

Revenue from sale weekends<\/p>\n\n\n\n

= (32.2)*(10)*(49)<\/p>\n\n\n\n

= $15,778<\/p>\n\n\n\n

Revenue from clearance sales<\/p>\n\n\n\n

= leftovers * price<\/p>\n\n\n\n

= (1000\u22127(40) \u2212 32.2(10))*(21)<\/p>\n\n\n\n

= (398)(21)<\/p>\n\n\n\n

= $8,358<\/p>\n\n\n\n

Total revenue = $43,736<\/p>\n","protected":false},"excerpt":{"rendered":"

Logic-drive modeling is usually the first step to establish relationships through data driven models (using data collected from many sources to quantitatively establish model relationships. Example In the spring, a department store introduces a new line of bathing suits that sells for $70. The store purchases 1000 of these bathing suits. During the prime selling…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-104680","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\nData-Driven Modeling - Tutorial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/data-driven-modeling\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Data-Driven Modeling - Tutorial\" \/>\n<meta property=\"og:description\" content=\"Logic-drive modeling is usually the first step to establish relationships through data driven models (using data collected from many sources to quantitatively establish model relationships. 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