Ethics and Professional skills module unit 7

Dear Shauna, I trust you are well. Kindly advice the steps you followed for Q2 and Q3 I have downloaded the spredhsheet, did everything but cannot find the X values :( I thank you in advance.

Please see the 2nd post on the 1st page of posts on this thread. If you work through the illustration BBQ sales as directed you should understand what the X values are.

Thank you, thank you, thank you, Thank you! Have spend a whole evening trying to work this out. First off didn't have data analytics on my excel, took ages to figure out I needed an add in (thanks google). Then I'm met with a data table that made no sense (not going to lie I skimmed this chapter it hurt my brain). Then came here great explanation by Kim and the other posters. Boom! Moving on to chapter 8. Thank you again

the answer is DELETED $ Predictive sales

HI All, I am really struggling with this assessment. I am specifically trying to calculate the answer to Question 1 of the end of section assessment "What would the predicted ticket sales be with the following data" As I understand it the formula "Y = 588 - 30X1 - 20X2 +10X3" based on the data in the question the formula should be as follows: -63964.57622 + (150*234.9566375) and so on for each of the 4 variables in the question * by the relevant X variable number as per the table provided. However when I do this the answer $41,234, what am I doing wrong? I appreciate anyones help, I have done all my exams and PER all that is holding me up from being fully qualified now is this stupid question!

I was wondering if you can help with the following unit please? DELETED

If you read CAREFULLY through my posts on this thread and also on this one https://opentuition.com/topic/acca-ethics-and-professional-skills-module-unit-7-unit-8-2/ you will see that students are managing to successfully complete this module. As advised on earlier posts it may be that you need to revisit the illustration in the module - it isn't something to be glossed over. I will gladly look to see where you went wrong according to your earlier post after the weekend.

Hi Kim, Thanks for the reply. I have fully read all previous comments and fully reviewed the previous slides on the topic, and am now confident I understand the application of the formula required to answer the question. I suspect that my errors with the answer are due to rounding as I am exactly applying the formula previously provided in the illustration of "Y = 588 - 30X1 - 20X2 + 10X3" in the question provided 588 is replaced by -63,964.57622 and all the x variable number I have taken as per the Anova table 234.9566375 etc. I understand these numbers need to be X by the co-efficients in the question (150, 15000 etc). However I noticed the illustration earlier in the chapter rounds the X numbers and the intercept down to whole numbers, which I have done exactly replicating how it was calculated in the illustration, but am still coming out with the wrong answer? Thanks again for your help.

Hi Kim, Sorry to keep bombarding you with messages. I worked it out! Realised when I initially done the full calculation I had got some of the numbers in the formula round the wrong way! Thanks again for all your help, the previous comments you made with other students really helped!

@pillgrim117 - excellent news! That should encourage those who are still struggling. As you will have gathered from my posts, I strongly believe that, ethics and professionalism aside, students get much more out of the module (as ACCA intend that they should) if they get there in the end by their own work!

Dear Tutor, I got trough it with 50% but still got question 1 and 2 wrong. I did; 150*X1(234.95)+15000*X2(0.406)+3000*X3(1.1336)+3*X4(11779.31) and got 110'683.79 but this was incorrect. What am I doing wrong?

You are forgetting about the intercept - you should WORK CAREFULLY through the example in the module (as referenced earlier in this thread) i.e. download it and put in the numbers yourself to confirm how the data in the spreadsheet should be used.

Hi Kim, I am unable to get the answer for Q2 i did the below = Please advise where i went wrong. Thank you.

The calculation you are trying to do is correct - all I can suggest - that you use the spreadsheet to make the calculation (there's plenty of space to do it) so you are not making a calculator error and so you don't introduce rounding errors.

Hi, Can you please help me to solve the abacus problem? Thanks and Regards Nikit Mittal

Re Abacus - You just need to read VERY carefully the explanation of values top and bottom (rather than make any assumptions).

Hi Kim, I followed the steps as described in your previous comments but i'm still unable to get the corrrect answer. Can you please help me?

I can only reiterate that if you do the calculation in the spreadsheet in such a way that you avoid calculator errors you should get the correct answer. Perhaps try re-working the equivalent numbers in the illustration earlier in the module - just to make sure you're not making a careless mistake (mismatching the variables and their coefficients or ignoring the negative intercept).

Hi, I have gone through all the comments but not able to figure out how to solve question 3 How much additional profit would be generated if $250,000 were spent on automated ticket barrier investment? Kindly suggest me the way to solve it. Any help would be really appreciated. Thanks!

You need to READ through the section "Predictive Analytics" in the unit - in particular the page which shows the summary output of the BBQ sales illustration and the following page which starts "This information can therefore be used to predict future sales ..." You should then apply what you learn to the end-of-unit assessment. Q3 asks you to predict additional profit (= revenue because there is no variable cost). The first page of the unit assessment, before you download the spreadsheet, tells you what the variables are.

You can find the results here DELETED

tanzeelrehman - please reflect on the ethics and professionalism of your action

Hello, I am like others in this chat have difficulties in solving the 1 question in the last assessment of unit 7 re the predicted sales. I used the formula Y = 588 - 30X1 - 20X2 + 10X3 from the example of unit 7. I got the following : -63965+150*235+15000*0+30000*1+11779*3 = 36622. but this is wrong. WHY????? I am really confused and do not understand what I am doing wrong. Please HELP!!!!

I suggest you read through MY posts - I don't have the xls to hand but I don't think you have correctly identified the X1, X2, etc values in the xls. I'm pretty sure there should be a *1 or *0 in the calculation. If you download the xls and do the calculation in the xls there really is little scope to get this wrong. Just make sure you are multiplying out the correct values!

Can someone provide a link to the BBQ sales example. thanks

Hi Please you can you explain the link between the following: Coefficients Intercept -63964..57622 X1 234.9566375 X2 0.406247082 and so on many thanks

The BBQ Illustration is in the predictive analytics section of the module - you're expected to work through the module before attempting the assessment at the end of it. If you do so you should understand the types of variables you might have to deal with and that the multiple regression formula is simply the sum of the coefficients multiplied by the variables. In principle it is no different to linear regression - which is assumed knowledge of MA - see Chapter 19 of the MA notes https://opentuition.com/acca/ma/ - only multiple regression has more than two variables.

I took these X1,X2 and ... variables from the ANOVA summary that is given in the task. There is a table with the intercept and variables coefficient. I did it in the same was as in the example from unit. in the xls file there is no data about variables. What other variables should I try? not clear.

I suggest it makes sense for them to be presented in the order indicated on the first slide (before the download spreadsheet slide) which describes the spreadsheet.

There are 4 variables - not 3. If you put the values of the variables you are given into a blank column of the spreadsheet (say column J) - matched up against the corresponding rows (16-19) - then multiply out and take account of the intercept you should get the correct answer. Your approach is correct you just have careless errors in it.