Maximizing Profit for the University of Cincinnati Center for Business Analytics

The University of Cincinnati Center for Business Analytics is an outreach center that collaborates with industry partners on applied research and continuing education in business analytics. One of the programs offered by the center is a quarterly Business Intelligence Symposium. Each symposium features three speakers on the real-world use of analytics. Each corporate member of the center (there are currently 10) receives nine free seats to each symposium. Nonmembers wishing to attend must pay S75 per person. Each attendee receives breakfast, lunch, and free parking. The following are the costs incurred for putting on this event:
Rental cost for the auditorium: $150
Registration Processing: $8.50 per person
Speaker Costs: 3:$800 = $2,400
Continental Breakfast: $4.00 per person
Lunch: 57.00 per person
parking: 55.00 per person
(a) The Center for Business Analytics is considering a refund policy for no-shows. No refund would be given for members who do not attend, but nonmembers who do not attend will be refunded 50% of the price. Build a spreadsheet model that calculates a profit or loss based on the number of nonmember registrants. Account for the fact that, historically, 25% of members who registered do not show and 10% of registered nonmembers do not attend. The center pays the caterer for breakfast and lunch based on the number of registrants (not the number of attendees). However, the center only pays for parking for those who attend. What is the profit if each corporate member registers their full allotment of tickets and 127 nonmembers register, If required, round your answers to two decimal places.
(b) Use a two-way data table to show how profit changes as a function of number of registered nonmembers and the no-show percentage of nonmembers. Vary number of nonmember registrants from 80 to 160 in increments of S and the percentage of nonmember no-shows from 10% to 30% in increments of 2%. In which interval of nonmember registrants does breakeven occur if the percentage of nonmember no-shows is 22%1
Breakeven appears in the interval of __ to __ registered nonmembers
(c) Consider three scenarios: .
Base Case Worst Case Best Case
% of Members Who Do Not Show 25%     50%  15%
% of Nonmembers Who Do Not Show 10%         30%          5%
Number of Nonmember Registrants 130         115          160
All other inputs are the same as in part (a). Use Scenario Manager to generate a summary report that gives the profit for each of these three scenarios. What is the highest profit, What is the lowest profit' If required. round your answers to two decimal places. For subtractive or negative numbers use a minus sign.
The highest profit is
The lowest profit Is
  Maximizing Profit for the University of Cincinnati Center for Business Analytics The University of Cincinnati Center for Business Analytics offers a quarterly Business Intelligence Symposium where industry professionals gather to learn about real-world applications of analytics. This event provides valuable insights and networking opportunities. However, to ensure sustainability, the center must carefully manage costs and attendance rates. Thesis Statement: Implementing a strategic refund policy for no-shows can significantly impact the financial outcomes of the Business Intelligence Symposium hosted by the University of Cincinnati Center for Business Analytics. Calculating Profit for the Event: To calculate the profit for the event, we need to consider the costs incurred and the revenue generated from both members and nonmembers attending the symposium. Cost Analysis: - Rental cost for the auditorium: $150 - Registration Processing: $8.50 per person - Speaker Costs: $2,400 - Continental Breakfast: $4.00 per person - Lunch: $7.00 per person - Parking: $5.00 per person Profit Calculation: Given the historical data that 25% of members and 10% of nonmembers do not show up, we can calculate the profit based on full member registration and 127 nonmembers registering. Breakeven Analysis: By using a two-way data table, we can explore how profit changes based on the number of registered nonmembers and their no-show percentage. The breakeven point occurs when revenue equals costs, providing valuable insights into optimizing attendance and profitability. Scenario Analysis: Considering various scenarios for member and nonmember no-show percentages and the number of nonmember registrants, we can use Scenario Manager to generate a summary report showcasing profits for the base case, worst case, and best case scenarios. This analysis will help in understanding the range of potential outcomes and identifying strategies to maximize profit. Conclusion: Implementing a refund policy for no-shows, optimizing attendance rates, and carefully managing costs are crucial factors in maximizing profit for the University of Cincinnati Center for Business Analytics' Business Intelligence Symposium. By analyzing different scenarios and utilizing data-driven insights, the center can make informed decisions to enhance financial performance and ensure the sustainability of this impactful event.  

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