Honors Program
Honors in Mathematics
Date of Award
12-2023
Thesis Professor(s)
Dr. Michele Joyner
Thesis Professor Department
Mathematics and Statistics
Thesis Reader(s)
Dr. JeanMarie Hendrickson
Abstract
For any company involved in sales, maximization of profit is the driving force that guides all decision-making. Many factors can influence how profitable a company can be, including external factors like changes in inflation or consumer demand or internal factors like pricing and product cost. Understanding specific trends in one's own internal data, a company can readily identify problem areas or potential growth opportunities to help increase profitability.
In this discussion, we use an extensive data set to examine how a company might analyze their own data to identify potential changes the company might investigate to drive better performance. Based upon general trends in the data, we recommend potential actions the company could take. Additionally, we examine how a company can utilize predictive modeling to help them adapt their decision-making process as the trends identified from the initial analysis of the data evolve over time.
Publisher
East Tennessee State University
Document Type
Honors Thesis - Open Access
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License.
Recommended Citation
Gibson, Caleb, "Exploration and Statistical Modeling of Profit" (2023). Undergraduate Honors Theses. Paper 814. https://dc.etsu.edu/honors/814
Copyright
Copyright by the authors.
Included in
Applied Mathematics Commons, Applied Statistics Commons, Categorical Data Analysis Commons, Data Science Commons, Probability Commons, Statistical Methodology Commons, Statistical Models Commons, Statistical Theory Commons