Pricing Analytics: Maximising the Value of Your Ramen

Have you always been intrigued by how Ramen Restaurant priced their dishes? Most of the time, the Ramen is a modular product, which can be broken down into many ingredients: The Ramen, the broth, the toppings, etc. Today, we have specially broken down the prices on the menu of a Ramen restaurant which has recently set up an outlet in Singapore, and present to you this pricing analytics piece. Our main questions of the day is how much is each component of the ramen valued at, and which item on the menu gives the most value.

The Dataset: 15 Bowls of Ramen

To start off, we found the menu of a restaurant (which we shall not link because we aren’t sponsored, and also potentially not wanting to swing the sales for the restaurant after our analysis.)

Next we listed the prices, as well as the ingredients offered. This will be the dataset that we would use.

Menu and Price of Ramen
Menu and Price of Ramen

Exploratory Data Analysis

Firstly, let’s get the assumptions out of the way. For this case, the base ramen is assumed as the same for everything in the menu. We also assume that having “Chef’s Recommendation” or “Most Popular” will not influence pricing, though it probably does in many business settings.

Well, we could safely assume that every ingredient will be important in the analysis right? Ironically, no. The first step is to look at any correlated values before we do the analysis. By running a correlation plot, we realised that Spring Onions are missing only in the truffle ramen. We also learned that Leek is always in the Chicken Broth, and Bean Sprout and Pickled Onions are always in the Spicy Yuzu Broth. We are also removing truffle menu items from the analysis as they are way too different from the others and will influence the data. This way, all Tonkotsu broth has wood ear fungus too which should be removed. These data should be counted as part of the broth for a more reflective pricing model which will not exclude any variables.

Correlation Plot of Ingredients and Price
Correlation Plot of Ingredients with Price

Pricing Analytics: Which Ramen is the most and least worth it?

So we ran our model. It fits on a perfect straight line!! The restaurant was very clear on their component pricing. Basically, all the menu items were equally worth it. That was not what we expected but it’s an entirely possible outcome.

Pricing Analytics: How much do you pay for each component in your Ramen?

We looked at the output and thought what’s next, we basically obtained a price chart of the Ramen components! (Assuming the Base Ramen is included in the broth.)

Ramen Price Analytics Outcome
How each part of your ramen is priced

If you ordered just a Tonkotsu Broth (which comes with Wood Ear Fungus) without toppings, it would be $8.90, $9.90 for chicken broth (With Leek) and $12.90 for a Spicy Yuzu Broth (With Pickled Onions and Bean Sprout). Each of your toppings of each Belly Chashu, Hanjuku Egg and Collar Cha Shu is $2 Each. Your Seaweed is more or less free and should not be calculated into the equation, but you do get a bigger seaweed for your large bowls so this should be a plus point!

In conclusion when ordering your ramen, pick the bowl which gives you seaweed of your choice (at least in this store.). In addition, now you have this chart to make a rational decision when ordering Ramen in future.

Hope you liked our post today. Hope that this post will inspire you to do your own analysis of your favourite restaurant menus. If you’re interested in starting your own Ramen restaurant, do take a look at our business model analysis here.

Do bookmark this site, leave a comment in the section below, and follow us on our LinkedIn page as we look forward to curating new content for you every week. Next, do read about how we used Google Analytics to Analyse our top and bottom posts of 2020, or on how we text mined 400 spam comments!

Image Credits: Photo by Hari Panicker on Unsplash
Artwork Designed by Tan Wei Xiang


Using Google Analytics to Discover our Tops and Flops of 2020

Welcome to our first post of 2021! As promised in the previous post to be more regular in posting the various topics in this blog, we are kick starting the year with analytics to discover our top 5 and bottom 5 posts (credit the tops and flops inspiration from one of my colleagues who loves to use that in her weekly review at work), to better understand the content which interests you, the reader!

From the cover slide, we can somewhat see that the traffic has been rather cyclical, perhaps we can expand more on that trend in future but today, let us take a look at the top 5 and bottom 5 posts in the past 6 months. While we are currently 1200 users strong, you might also be interested in looking at our previous Google Analytics Analysis of our first 500 users.

When dealing with analytics, as usual, we want to ask questions which we want to answer. Through the behaviour overview, and full report of Google Analytics we want to know what our best and worst performing posts were.

What are our Top 5?

We were able to discover our top 5 posts (In terms of viewership, from the highest to lowest):
1. Nanyang Business School Business Analytics Module Selection Guide
2. 3 Reasons Why I picked a Specialisation in Business Analytics at Nanyang Business School
3. University Internship Hunting Guide (Tips from NTU NBS Graduate with 3 MNC Internship Experiences)
4. General and Unrestricted Electives Guide – From NBS Business (Business Analytics) Graduate
5. Which Major to Pick? Business Analytics vs Marketing (Ex-NBS Student)

These 5 posts contribute to a total of 37% of all our page views, even though they made up about 25% of all content.

What are our Flop 5?

We also managed to pick out our flop 5 posts (From the lowest to highest in viewership):
1. COVID-19 Pandemic: Should I Start Work or Go Back to School?
2. Business Model Template: Photo Studio
3. 6 things to do for 2 Hours in Stuttgart, Germany
4. Integrating Analytics and Management: Where and How to Start?
5. Key Takeaways from my In-office turned Work-from-Home Internship

These 5 posts contribute to 4.2% of all our page views, much less than the 25% of all our posts in 2020.

Additional Remark: The clear bottom fodders were the newer posts of Christmas Text Analytics and Hair Salon Business Model which we would exclude from the analysis as they have yet to pick up, but I urge you to take a read as they are really interesting posts!

Making sense of the insights

Our Age Demographics for readership shows that 60% are youths, and a good 40% are non-youth readers.

From the top 5 posts, there is a clear indication that many students visit us and rely on the information posted here for advice on their curriculum needs. We are really humbled to be able to create impact for the student audience as we always try to pay it forward after learning from the knowledge of seniors and we urge you to pay it forward in future too!

We also noticed that it was an interesting trend that 40% of our users are a non-youth audience, and we are heartened that we are able to communicate analytics and innovation to an audience that we initially did not imagine to create impact for. Do let us know which content you love in the comments below!

For the flop 5 posts, one of the central themes which surround these posts is for instance, it being no longer specific to analytics, which we relaunched the blog on (yes we used to include lifestyle posts and travel.), or the very slight reference to the epidemic which shall not be named since this is risk of lowering the search engine score of this post (we instantly apply these insights!!). We hope to continue bringing new content and will continue to generate more content which caters to your hunger for learning about analytics, innovation and management!

Additional note: We initially wanted to add in a text analytics, but we realised that there isn’t enough posts to do that on this post without getting just words that are repeated non-stop. If you liked the text analytics, you could look at our ranked 6th post, What I learned from Text Mining 400 Spam Comments on my Blog using R, to see what spam users like to write in our comments section.

If you liked our post, do bookmark this site, or follow us on our LinkedIn page as we look forward to creating new content for you every week. Wishing you a Happy 2021!!!

Image Credits: Original Image created by Tan Wei Xiang

Analytics Innovation Lifestyle Management Marketing Uncategorized

My Reflections on 2020

2020 might be remembered in history as a year of widespread epidemic and economic recession by many, but to me, it was a really interesting year. It was a year which challenged me to do the best I could.

1st Half of 2020

Kick started my first half of 2020 with my final semester at Nanyang Technological University, taking 3 modules, inclusive of the legendary killer Capstone Business Analytics Module in NBS, Business Analytics Consulting. I had the chance to interact with the brightest minds from business, as well as computing, to deliver viable business recommendations in health insurance strategy to our client company, Aon. Click here you’re interested to know more about why I chose business analytics.

As if dealing with one company was not enough, I took on a Regional Digital & Product Marketing internship with dental company KavoKerr, which recently spun off from Danaher Group. Through the internship, I had the chance to conduct market research, create marketing collaterals, do customer analytics, as well as social media marketing on Facebook. Halfway during my internship, it became a work-from-home arrangement, do read this if you’re interested to know how it is to experience both work in office and at home.

Right after finishing my final class in business school, I managed to secure a job and it was in semi-lockdown in Singapore. Instead of just wasting the time away, I decided to upskill myself through distance learning on Coursera, here are some of my reflections.

2nd Half of 2020

Kick Started the second half of 2020 with my first job on a Graduate Programme with Dairy Farm Group, a multinational company in the retail and fast moving consumer goods scene. Managed to get a chance to learn a lot at work through rotations in Commercial, Operations and Supply Chain. I am really fortunate to have had the chance to interact with many senior business leaders as well as mentors to guide me along the way, and looking forward to more growth in my career. If you’re interested to find out more do reach out to my LinkedIn, where I have documented many posts on the experience too!

For the last few months of the year, I made the choice to return to campus in NTU, to further my understanding of the business sector by taking on a MiniMasters in Marketing Management. While it has been tiring to juggle work with studies, it has been really fulfilling to tackle marketing problems with the brightest minds. (Some have even been in the industry for years!) If you’re considering going back to school while working, do click here!

Last but definitely not the least, I am happy to have consistently posted blog posts this half of the year despite never quite getting myself started previously. Thank you all for the readership this year and we look forward to your continued support over 2021 where we will bring you more posts about analytics, management and innovation.

My thoughts for 2021

Moving forward to 2021, it will be a year of accelerated learning at work, while also completing my MiniMasters programme by the end of March! (Hopefully graduation too, but I am not too sure if it will ever happen now.)

Most importantly, I realised I have not been the most consistent in posting this year, sometimes disappearing occasionally when busy. A resolution for this blog is to consistently generate at least one post for each topic in analytics, innovation and management on a monthly basis, while also not forgetting some of my readers who are still in school as well. Do look forward to more about my past university experience as well as a fresh employee at work perspectives.

2020 has been great, 2021 will be even better!

Tan Wei Xiang

Do follow our blog by bookmarking the page, or following our LinkedIn.

Image Credits: Photo by Ray Hennessy on Unsplash


Text Analysis: Christmas Song Lyrics

Merry Christmas! (Slightly late!) Growing up, Christmas jingles seem to be the part and parcel of every Christmas season, being played at many retail spaces around Singapore (and I’m sure it is in many other parts of the world too.) We’ve decided to carry out analytics on some common Christmas Songs which we recall from a list found online. We then searched for the lyrics data through Google before analysing the data. Presenting to you the word clouds for Christmas. Hope you will like the post and do follow us on our LinkedIn.

Twelve Days of Christmas

Well it comes as no surprise for this to be the word cloud for the Twelve Days of Christmas, given that “for the x day of Christmas my true love gave to me … a partridge in a pear tree!” gets repeated 12 times and the whole phrase has no repeats.

Jingle Bells

Well surprisingly, sleigh appears to be the most common word used, because we only inputted the chorus in once, and the verses mentioned sleigh a few times.

Santa Claus is Comin to Town

Whoever wrote this song was definitely really sharp at using better in a lot of phrases, along with good coming in next place. Despite having shout and cry in the lyrics, the word better has been strategically used to give off the positive connotations in the song to be good and better. Did you realise that previously? Let us know in the comments below.

Rudolph the Red Nose Reindeer

No wonder we remember reindeers are supposed to have red noses!

Rockin Around the Christmas Tree

Rock around the Christmas Tree! Another catchy song which repeats the same over and over. Maybe this is the secret formula to a great Christmas song.

Let it Snow! Let it Snow! Let it Snow!

Speaks for itself, just repeat the title non-stop and you’re ready to launch your next Christmas hit! Thank me when you’re famous.

Jingle Bell Rock

Well the writer of this song definitely took repeating the title non-stop to a whole new level, even including jingle and bell in the verses. Jingle was repeated for a total of 28 times!

Last Christmas

Well we finally have another formula for Christmas songs, it is to make the audience feel special and the idea of giving gifts and all through negative words with positive meanings. The writer is using the Santa Claus is coming to town formula to succeed.


Overall, if you want a hit Christmas song, think of Jingle Bells or the thought of giving, or just mentioning the word Christmas works too. You could give it a shot using negative lines but add words with positive connotations or just repeat the title non-stop.

You are now on track to become the next Christmas Song writer! Hope you liked the post, do follow us on LinkedIn, and Bookmark this site. Merry Christmas and Happy New Year!

Image Credits: Photo by Jonathan Borba on Unsplash

Like more text analytics? Do look at our post here!


Nanyang Business School: Business Analytics Module Selection Guide

You have finally decided that you want to do a business analytics curriculum, and want to know what you have in store for you in analytics; you log into the system and find out that there is so many courses available (correct as of July 2020):

Specialisation Core Courses

BC2402 Designing & Developing Databases
BC2406 Analytics I: Visual and Predictive Techniques
BC2407 Analytics II: Advanced Predictive Techniques

Specialisation Prescribed Electives –
Choose 3 Specialisation Prescribed Electives:
AC2401 Accounting Information Systems
BT2403 Service Operations Management
BC2408 Supply Chain Analytics
BC3402 Financial Service Processes & Analytics
BC3405 Lean Operations & Analytics
BC3406 Business Analytics Consulting (I did this)
BC3408 Decision Modelling & Analytics (I did this)
BC3409 AI in Accounting and Finance
New Course Programming for Business Transformation

Information from NBS Website

Business Analytics Core

The three cores are necessary to take and you would not be able to avoid them. Something new to you is probably the addition of prescribed electives, where you can pick 3 modules (or more if you want to) to add up to your final degree in Business Analytics!

Business Analytics Sub-specialisations

Something you may want to note is that in Business Analytics we unofficially have sub-specialisations too! I have classified according to how seniors have looked at how the courses fit in and also added my own opinion with regard to the newer modules.

Finance Analytics Track:

AC2401 Accounting Information Systems (Sem 1 & 2)
BC3402 Financial Service Processes & Analytics (Sem 2)
BC3409 AI in Accounting and Finance (Sem 2)

Operations Analytics Track:

BT2403 Service Operations Management (Sem 1)
BC2408 Supply Chain Analytics (Sem 2)
BC3405 Lean Operations & Analytics (Sem 1)

Management Science & Analytics Consulting Track:

BC3406 Business Analytics Consulting (Sem 2)
BC3408 Decision Modelling & Analytics (Sem 2)
New Course Programming for Business Transformation

What modules did I pick?

Prior to my year, there were modules which form a marketing analytics track. I was really interested in taking those modules, but unfortunately they were no longer offered. I decided to go with the next best alternative, which was in Management Science & Consulting. I took BC3407 R & Python, now restructured to the GER-Core BC0403, as well as BC3408 Decision Modelling & Analytics and BC3406 Business Analytics Consulting. On top of that, I stayed true to my initial interest by doing an unrestricted elective which is offered by the marketing department, BM2507 Marketing Analytics (Unfortunately not a Business Analytics Prescribed Elective though moving forward I hope it gets approved as one as inter-disciplinary knowledge is increasingly important).

While not the most commonly picked modules by most Business Analytics students, with very little seniors with precedent knowledge, I believe that benefitted greatly from taking the modules which I have taken and look forward to sharing more.

What modules should you pick?

At the end of the day, there is no fixed best modules to take, but rather what aligns with your passion and purpose. My advice is to picture where you see yourself in future, and take the modules to build yourself in that direction. Hope this helps with your module planning!

If you liked our post, do follow us on our LinkedIn, or our writer’s personal LinkedIn Account for more tips.

Now that you are done with planning your prescribed electives, you may want to read about general and unrestricted electives over here.

You may also be interested to pick between business and marketing.

Here’s another blogpost from a senior which I previously got some reviews and found really helpful!

Photo Credits: Photo by Wengang Zhai on Unsplash