And the semester has officially began! I hope you have already sta.docx

And the semester has officially began! I hope you have already
started to read Search Inside Yourself (SIY) and it is
challenging your current ways of thinking. Some of you may
believe whole-heartedly in what this book advocates for, and
others may still be a bit skeptical; either way, that
is okay. Regardless, I am appreciative of you opening your
minds and exploring different types of knowledge. Much of
what SIY discusses has sincerely changed my life. Through
meditation and positive thinking I have learned to control my
emotions and accomplish more than I could have imagined prior
to my own discoveries of what SIY discusses.
I would like this week's reflection to be a chance to search
inside yourselves and discover a bit more about your identity.
An identity which you have the ability to create, and recreate,
and then recreate again if you feel the urge to do so. Always
remember, the footprint and impact you choose to leave on this
planet and our society is YOUR choice. Contrary to all the
naysayers, this is YOUR life. Contrary to all the negative
energy you may come across that seems so hard to avoid and not
let affect you, this is YOUR life.
One of the joys I hope to bring to your lives is the discovery
that you do in fact control your attitude, your future, and the
influence you have on others around you (whether good or bad,
this is your choice). Unfortunately, there is a tremendous
amount of hatred circumventing our existence. This hatred
spreads like wildfire and causes much violence and unrest
within and across the many cultures of the world. Where and
when does it stop? It stops from the realization that not only do
you NOT have to be a part of it, but you can actually reverse it
by spreading kindness and compassion to others. Kindness and
compassion is contagious and can be taught and learned.
One way I have learned to teach this is by showing others how
to reflect on their daily habits and unveil
the subconscious thoughts and attitudes that perpetuate these

same habits. Meditation is an amazing tool to help one search
inside themselves, by using brief moments in our chaotic daily
lives to think, and exist, at a much deeper level through
reflection and awareness. Slow, deep, full breaths helps us slow
down the world around us in order to see things a bit more
clearly. Clearly enough to recognize the potential that you
possess. The potential to help others in need. The potential to
bring a greater sense of fulfillment to your own lives.
Take a moment at this point to sit up in a tall, comfortable
position....... and breath...... slow.... deep.... breaths.... please
take as long as feels good here before you continue....
Hopefully you are feeling a bit more relaxed and thinking a bit
more clearly now. Maintaining your composure, please answer
the following questions. Be honest. As always, no judgment on
my end or yours.
(1) Are you happy with what is currently going on in your life?
Why? Why not?
(2) Envisioning your ideal future, what are a few
major achievements you will fulfill?
(3) What do you hope to gain from this class?
(4) What are your honest thoughts about meditation? (I 100%
promise I would never make a judgment based on your
response).
(5) Why do you think you feel this way?
(6) Do you believe you are in control of your life?
I've included a few articles/studies in Brain Power Folder.

Please take a look at these if you feel inclined to do so :)
*You may include the questions in your reflection. Be
thoughtful with your responses and answer with more than just a
few words.
Descriptive StatisticsWestern RegionEastern RegionWestern
RegionOriginal PriceSale PriceDays to SellOriginal PriceSale
PriceDays to SellOriginal PriceSale PriceDays to
Sell82602014813933Minimum543411401232610389591st
Quartile81.2558.523807016112100189Median113.57958.589507
281611453rd
Quartile1361001001351201813610091Maximum1501431891461
431091128966Mean109.7880.4462.6880807912110081Standard
Deviation27.91926.96044.784125100130836065Range96109188
70601009980100ModeNo ModeNo
Mode258152969365151039514987034Eastern
Region11810033106100102Original PriceSale PriceDays to
Sell1361001011099945Minimum734021015055102891661st
Quartile94.2565.75341407569969650Median1038656734212010
340563rd
Quartile12410080.2513599908460102Maximum1491411898945
13965071Mean108.6285.2462.3613465301257545Standard
Deviation20.90523.71640.553109452314612010Range76101187
1451001061031033Mode103No ModeNo
Mode150100133826025136706214910023120887492884513713
71011111007713250961487010075429898686571621891028234
10989122109100191301191081371372108891985653414610012
59484459880151411411008250713112087979113012010138991
71078045957923113801201361293014210010074341710560361
39100251407075143891208343691201093597904575752595903
81366915129995612410075936071132692511810034917933898
055805049736067545410079607868587510370114
Outliers-IWestern RegionOriginal PriceHigh Performance
OutlierLow Performance OutlierSale PriceHigh Performance
OutlierLow Performance OutlierDays to SellHigh Performance

OutlierLow Performance Outlier82Not OutlierNot Outlier60Not
OutlierNot Outlier20Not OutlierNot Outlier140Not OutlierNot
Outlier123Not OutlierNot Outlier26Not OutlierNot
Outlier80Not OutlierNot Outlier70Not OutlierNot Outlier16Not

Outlier58Not OutlierNot Outlier75Not OutlierNot Outlier
Outliers-IIEastern RegionOriginal PriceHigh Performance
OutlierLow Performance OutlierSale PriceHigh Performance
OutlierLow Performance OutlierDays to SellHigh Performance

OutlierLow Performance Outlier148Not OutlierNot
Outlier100Not OutlierNot Outlier189OutlierNot Outlier81Not

Outlier114Not OutlierNot Outlier
Sheet1Western RegionOriginal PriceSale PriceSUMMARY
OUTPUT8260140123Regression Statistics8070Multiple
R0.68855270788950R Square0.4741048315135120Adjusted R

Square0.4631486821146143Standard
Error19.75392925558080Observations501251007060ANOVA81
52dfSSMSFSignificance
F10395Regression116885.869390515616885.869390515643.272
94348880.0000000326118100Residual4818730.4506094844390.
2177210309136100Total4935616.321015014075CoefficientsSta
ndard Errort StatP-valueLower 95%Upper 95%Lower
95.0%Upper
95.0%7342Intercept7.446519898911.44250418590.6507771182
0.5182936268-15.560176731530.4532165293-
15.560176731530.453216529313599Original
Price0.66490690560.10107706556.57821734890.00000003260.4
6167784460.86813596670.46167784460.8681359667894513465
87.23534857561094514510015010013670120881371371325075
42716210989130119108891461009880825079791389995791361
29743413910014389120109757513669124100132699179805054
546858
Sheet2Western RegionOriginal PriceDays to SellSUMMARY
Square-0.0116736865146109Standard
F10314Regression1881.8104587195881.81045871950.43458978
180.512895805711833Residual4897395.06954128042029.06394
87767136101Total4998276.881015514069CoefficientsStandard
Errort StatP-valueLower 95%Upper 95%Lower 95.0%Upper
95.0%73120Intercept45.999464845526.0924856441.762939164
70.0842764553-6.462993703298.4619233942-
6.462993703298.461923394213590Original
Price0.15194511890.23048729870.65923423890.5128958057-
0.3114806550.6153708928-
0.3114806550.615370892889131343064.2328791153109231451
06150133136621207413710113296759871189109122130108108
19146125981582779113817952313630741713925143120120357
52513615124751322591338049541006875

Sheet3Eastern RegionOriginal PriceSale PriceSUMMARY
Square0.456287745411289Standard
F9870Regression112881.624135187712881.624135187742.1211
9845150.0000000445106100Residual4814679.4958648123305.8
22830516910999Total4927561.12102899696CoefficientsStanda
rd Errort StatP-valueLower 95%Upper 95%Lower 95.0%Upper
95.0%10340Intercept0.994164505313.21419710250.075234575
20.9403407642-25.574759483127.5630884937-
25.574759483127.56308849378460Original
Price0.77560150520.11950560746.49008462590.00000004450.5
3531937731.01588363310.53531937731.0158836331965012575
97.94435265521461201031038260149100928811110014870986
81028210910013713785659484141141131120130120107801138
01421001056014070834397909590129999360118100898073607
96010370
Sheet4Eastern RegionOriginal PriceDays to SellSUMMARY
Square-0.009296015111266Standard
F9834Regression1910.7438829389910.74388293890.548690638
30.4624615491106102Residual4879672.77611706111659.84950
2438810945Total4980583.521021669650CoefficientsStandard
Errort StatP-valueLower 95%Upper 95%Lower 95.0%Upper
95.0%10356Intercept84.760683074230.78507280152.75330461
680.008305292122.8631456835146.658220464822.8631456835
146.658220464884102Original Price-
0.20622982020.278411832-0.74073655120.4624615491-
0.76601432660.3535546861-
0.76601432660.353554686196711254558.981955544514610103
38225149239245111771481009865102341091913728534944514

11001318130101074511312014210010536140758369974595381
2956937111834895573677978103114
1
2
3
4
5
6
7
8
9
A
B
C
D
Original Price
Sale Price
Days to Sell
82
60
20
140
123
26
80
70
16
89
50
72
135
120
18
146
143

109
Western Region
Sampling and Statistical Inference
1
Sampling and Statistical Inference: Beltway Shoe Company
Quantitative Business Analysis
Sampling and Statistical Inference
Beltway Shoe Company
Introduction
The aim of this study is to perform detailed statistical analysis
of the shoe market for the Beltway Shoe Company which sells
luxury leather shoes in the United States.
Data
The data for this study has been obtained from randomly chosen
data collected by the company from store locations throughout
the country. Randomly chosen samples provided sales data for
50 pairs of shoes that were sold in the Western Region and 50
pairs of shoes that were sold in the Eastern Region of the

United States. Each sample data comprises of three variables,
namely Original Price, Sale Price and Days to Sell. The variable
Original Price gives the original price of the pair of shoes. The
variable Sale Price gives the selling price of the pair of shoes.
The variable Days to Sell gives the number of days it took to
sell the pair of shoes.
Descriptive Statistics
The descriptive statistics for the three continuous variables
Original Price, Sale Price and Days to Sell for the Western
Region shoes are given below:
Western Region
Original Price
Sale Price
Days to Sell
Minimum
54
34
1
1st Quartile
81.25
58.5
23
Median
113.5
79
58.5
3rd Quartile
136
100
100
Maximum
150
143
189
Mean

109.78
80.44
62.68
Standard Deviation
27.919
26.960
44.784
Range
96
109
188
Mode
No Mode
No Mode
25
The mean original price of the Western Region shoes is $109.78
with a standard deviation of $27.92. The median or middle
value of the distribution of original price of the Western Region
shoes is given as $113.50 which indicates that about half of the
Western Region shoes have original price above $113.50. The
range of original price of the Western Region shoes, which is
given as the difference between the maximum and minimum
original prices, is $96.
The mean sale price of the Western Region shoes is $80.44 with
a standard deviation of $26.96. The median or middle value of
the distribution of sale price of the Western Region shoes is
given as $79 which indicates that about half of the Western
Region shoes have sale price above $79. The range of sale price
of the Western Region shoes, which is given as the difference
between the maximum and minimum sale prices, is $109, which
is considerably high.
The mean number of days to sell for the Western Region shoes
is 62.68 with a standard deviation of 44.784. The median or
middle value of the distribution of number of days to sell for
the Western Region shoes is given as 58.5 which indicate that

about half of the Western Region shoes take more than 58.5
days to sell. The range of the number of days to sell for the
Western Region shoes, which is given as the difference between
the maximum and minimum number of days taken to sell a shoe,
is 188 days.
For each of the three variables it was analysed whether any data
point lies beyond three standard deviations from the mean
value. The results of our analysis showed that,for each of the
three variables, none of the data points lied above three
standard deviations from the mean or below three standard
deviations from the mean. Thus we can conclude that thereare
no outliers in the data set for any of the three variables.
The descriptive statistics for the three continuous variables
Original Price, Sale Price and Days to Sell for the Eastern
Region shoes are given below:
Eastern Region
Original Price
Sale Price
Days to Sell
Minimum
73
40
2
1st Quartile
94.25
65.75
34
Median
103
86
56
3rd Quartile
124
100
80.25

Maximum
149
141
189
Mean
108.62
85.24
62.36
Standard Deviation
20.905
23.716
40.553
Range
76
101
187
Mode
103
No Mode
No Mode
The mean original price of the Eastern Region shoes is $108.62
with a standard deviation of $20.91. The median or middle
value of the distribution of original price of the Eastern Region
shoes is given as $103 which indicates that about half of the
Eastern Region shoes have original price above $103. The range
of original price of the Eastern Region shoes, which is given as
the difference between the maximum and minimum original
prices, is $76.
The mean sale price of the Eastern Region shoes is $85.24 with
a standard deviation of $23.72. The median or middle value of
the distribution of sale price of the Eastern Region shoes is
given as $86 which indicates that about half of the Eastern
Region shoes have sale price above $86. The range of sale price
of the Eastern Region shoes, which is given as the difference
between the maximum and minimum sale prices, is $101, which

is considerably high.
The mean number of days to sell for the Eastern Region shoes is
62.36 with a standard deviation of 40.553. The median or
middle value of the distribution of number of days to sell for
the Eastern Region shoes is given as 56 which indicate that
about half of the Eastern Region shoes take more than 56 days
to sell. The range of the number of days to sell for the Eastern
Region shoes, which is given as the difference between the
maximum and minimum number of days taken to sell a shoe, is
187 days.
For each of the three variables it was analysed whether any data
point lies beyond three standard deviations from the mean
value. The results of our analysis showed that, for each of the
three variables, none of the data points lied above three
standard deviations from the mean or below three standard
deviations from the mean. Thus we can conclude that there are
no outliers in the data set for any of the three variables.
The mean original price for the Western Region shoes is
slightly higher than that for the Eastern Region shoes. However,
the mean sale price for the Western Region shoes is slightly
lower than that for the Eastern Region shoes. The mean number
of days taken to sell Western Region shoes is almost same as
that taken to sell Eastern Region shoes. The sale prices are
slightly lower than the original prices for all shoes.
A 90% confidence interval estimate of the population mean
sales price for pairs of Beltway Shoes in the Eastern Region is
given as follows:

If repeated observations are taken, the mean sales price of the
Eastern Region shoes is expected to lie within about 90% of the
time.
number of days to sell Eastern Region shoes is given as follows:
If repeated observations are taken, the mean numbers of days to
sell the Eastern Region shoes is expected to lay within and days
90% of the time.
sales price for pairs of Beltway Shoes in the Western Region is
given as follows:

If repeated observations are taken, the mean sales price of the
Western Region shoes is expected to lay within about 90% of
the time.
number of days to sell Western Region shoes is given as
follows:
If repeated observations are taken, the mean numbers of days to
sell Western Region shoes is expected to lay within and days
90% of the time.
The sample size required to estimate the mean sale price of
Western Region shoes with a margin of error of $5 with 90%
confidence is given as:

Therefore, at least79 Western Region pair of shoes should be
sampled in order to estimate the mean selling price with a
margin of error of $5 with 90% confidence.
The sample size required to estimate the mean sale price of
Eastern Region shoes with a margin of error of $4 with 90%
confidence is given as:
Therefore, at least 95 Eastern Region pair of shoes should be
sampled in order to estimate the mean selling price with a
margin of error of $4 with 90% confidence.
The final sale price for a Western Region pair of shoes with an
original price of $120 is predicted to be $87.24 and the number
of days to sell is 64.233.
The final sale price for a Eastern Region pair of shoes with an
original price of $125 is predicted to be $97.94 and the number
of days to sell is 58.982.
Conclusion
The mean original price for the Western Region shoes is
slightly higher than that for the Eastern Region shoes. However,
the mean sale price for the Western Region shoes is slightly
lower than that for the Eastern Region shoes. The mean number
of days taken to sell Western Region shoes is almost same as
that taken to sell Eastern Region shoes. The sale prices are
slightly lower than the original prices for all shoes.
References
Manoj Thomas, Daniel H. Simon & Vrinda Kadiyali (2010), The

Price Precision Effect:
Evidence from Laboratory and Market Data, Marketing
Science, Vol. 29, No. 1, January– February 2010, pp. 175–190
http://forum.johnson.cornell.edu/faculty/mthomas/PricePrecisio
nEffect.pdf

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