Question

Your client has asked you to evaluate customers attending the games for a professional football team. The stadium is interested in increasing revenue. Based on the regression models and hypothesis tests learned in this topic and external references, discuss the specific type of data that could be collected from fans and used in a multiple regression model for NFL team revenue. Justify your selection by explaining how the data could be collected and why they are important. Be sure to state and refer to your reference.

Answer 1

The specific types of data that could be collected from fans and used in a multiple regression model for NFL team revenue are attendance data, demographic data, and spending behavior data. These data types provide insights into the factors that influence team revenue and can help identify opportunities to increase revenue. This is important for making informed business decisions.

Step-by-step explanation:

The specific type of data that could be collected from fans and used in a multiple regression model for NFL team revenue are:

• Attendance data: The number of fans attending each game can be collected and used as a predictor variable. This data can be collected through ticket sales, gate counts, or electronic ticketing systems.
• Demographic data: Information about the characteristics of fans, such as age, gender, income, and location, can be collected through surveys or customer databases. These demographic variables can help understand the target audience and their purchasing habits.
• Spending behavior data: Data on spending behavior, including merchandise purchases, food and beverage spending, and parking fees, can be collected through point-of-sale systems or customer surveys. This data can help identify the factors that drive revenue from different revenue streams.

These data types are important because they provide insights into the factors that influence NFL team revenue. By analyzing the relationship between these variables and team revenue, the stadium can identify opportunities to increase revenue and make informed business decisions.

Answer 2

• Number of spectators who leave the stadium before 180 minutes

This data would show if spectators only come to the stadium and stay until the end of the game when their favorite teams are playing

• Number of customers/spectators attending the last 100 matches

This data will help the stadium know the current trend ( either increasing of decreasing ) number of the spectators who visit the stadium

• The data can be collected via the exit time entries at the exit gate of the stadium

• history of ticket sold over the last 100 matches

we have to conduct a hypothesis test assuming that a spectator watches a match for more than 180 minutes with an assumed standard deviation

we can also use regression analysis and line of best fit to check for the trends

Step-by-step explanation:

Aim : The Aim of the stadium is Increasing revenue generated in the stadium and some of the ways to achieve such is by taking specific data as regards the customers/spectators who visit the stadium

The type of data that could be collected from the fans to be used in multiple regression model:

• Number of spectators who leave the stadium before 180 minutes

This data would show if spectators only come to the stadium and stay until the end of the game when their favorite teams are playing

• Number of customers/spectators attending the last 100 matches

This data will help the stadium know the current trend ( either increasing of decreasing ) number of the spectators who visit the stadium

How can the data be collected

• The data can be collected via the exit time entries at the exit gate of the stadium

• history of ticket sold over the last 100 matches

how to apply the data

we have to conduct a hypothesis test assuming that a spectator watches a match for more than 180 minutes with an assumed standard deviation

we can also use regression analysis and line of best fit to check for the trends