Need help creating a price chart with three factors

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In summary, the conversation discusses a challenge of creating a pricing plan for a new product, with factors such as hospital bed size, admissions rate, and active nurses and doctors. The idea of using a pantyhose sizing chart as a model is mentioned, and the conversation explores the use of heat maps and other visualization tools to display the data. It is suggested to use Google Fusion Tables or Excel pivot tables to create the desired visual.
  • #1
Copperhead
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Hello Physics Forum Members,

This is my first post. I am an executive who needs help with something that will likely be a very simple matter to the majority of you and I simply didn't trust a resource like Yahoo! Answers.

My challenge is to come up with a pricing plan for a new product. However, price is determined by several factors and I need to know how to calculate and display the price in a simplistic way.

Factors that determine price:
Hospital bed size
Admissions Rate
Total Number of Active Nurses and Doctors

The idea hit me on the way to work this morning that this chart looks very similar to the pantyhose sizing chart (yes I'm a woman). It's not linear. There's overlapping and different combinations produce different prices. http://kneesntoes.com/skin/frontend/default/modern/images/catalog/product/melas-pantyhose-size-chart.jpg

Is there a specific name for this type of chart?
Is there an open-source application that would allow me to plug in the data and create the chart?

Sorry for such a mundane posting, but I would really appreciate the power of the collective genius found in a forum like this to assist me with this challenge.
 
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  • #2
The chart looks very simple to me, each specific height and weight has one size. If I had to call that something I would simple call it a Heat Map. But it is just a simple grid where each cell has one specific value.
 
  • #3
Thank you Diffy. The challenge is the pantyhose chart only accounts for two variables - height and weight. Our pricing has three variables. How/where would I incorporate the third variable?Googling heat maps...

It looks like I might be able to use Google Fusion Tables to create a visual.
 
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  • #4
Yes, there are ways to do a 3D heat map.

But there may be easier, better ways to visualize your information. It just depends on what your data actually looks like.

A simple filter in an excel pivot table can provide slices of a third dimensions, or nested columns or rows.

It's very hard to say what the best approach is. It always depends on the data.
 
  • #5
Thank you Diffy. I will look closely at the Excel pivot table.
 

1) How do I create a price chart with three factors?

Creating a price chart with three factors is relatively simple. First, you will need to determine the three factors that you want to include in your chart, such as time, product, and cost. Then, you can use software or a spreadsheet program to plot the data points for each factor and create a chart using a line or bar graph.

2) What are the three factors that should be included in a price chart?

The three factors that are typically included in a price chart are time, product, and cost. These factors allow for a comprehensive understanding of how prices change over time for a specific product or service.

3) How can I determine the best way to display the data in my price chart?

The best way to display the data in your price chart will depend on the type of data you have and the story you want to tell. Line graphs are best for showing trends over time, while bar graphs are better for comparing data points. Consider the purpose of your chart and choose a display method that best conveys your message.

4) Are there any tips for creating an effective price chart?

Yes, there are a few tips for creating an effective price chart. First, make sure your data is accurate and up-to-date. Second, choose an appropriate scale for your axes to accurately represent the data. Third, use clear and concise labels and titles to explain the chart. Lastly, consider using color and visual elements sparingly to avoid clutter and distraction.

5) How can I use a price chart with three factors to make informed decisions?

A price chart with three factors can be a valuable tool for making informed decisions. By analyzing the data, you can identify patterns and trends in pricing that can inform your pricing strategy. Additionally, you can use the chart to compare different products or time periods and make adjustments accordingly.

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