As fun as statistics are, there really are very few jobs where you can apply those skills. Unless you want to be a math or statistics teacher, it’s good to have a fall back plan. And if I had my way and unlimited funds, Annie’s Bread Corner would be a flourishing little business right now.
I’ve visited a ton of bakeries and pastry shops in many different cities and have figured out exactly what my quaint little bakery would be. The focus would be on fresh, out of the oven, warm baked goods. Tall loaves of olive bread, oatmeal bread, and sourdough bread as well as buttertarts, nanaimo bars, and scones would fill up my shop with tantalizing smells.
Of course, you can’t run a successful business unless you manage it well and that’s where my classical education in psychology and statistics comes into play.
- I would calculate the frequency of inquiries and purchases for each product by time, day, week, and month
- I would conduct test/control, randomly ordered tests on different times and days of the week determine whether the buttertarts should be made with pecans or hazelnuts
- I would run regression analyses to determine which products create the highest total sales per individual shopper
- I would run cluster analyses to determine which products sell better together than alone
- Most importantly, all potential customers would be required to fill out a demographic profile, including their taste and smell likes and dislikes before being allowed to view, purchase, or smell any items in the store (the entrance will be hermetically sealed)
Now that I think about it, if statistics are this important to a tiny little bakery, I probably won’t have any time to bake. Help please?