Data for Businesses
Overview
To make sense of all the data available to them, business leaders work alongside data scientists who generate data visualizations to understand business questions via analytics. This process gives companies insight on what is working and what is not: for example, whether the products or services offered are meeting expectations, or if a shift in strategy is necessary.
Prompt
For this assignment, you will take on the role of a business leader who wishes to analyze if a new product their company has introduced is meeting the expectations. Imagine that you would like to create a post in the company intranet that summarizes your findings in an easy-to-read format for your team. Pay special attention to creating meaningful data visualizations. You should use techniques that make content easy to follow but that also display charts accurately without distorting or skewing data. Your company’s profit goal is 25% of the cost of goods sold (COGS). Remember, COGS is the cost of manufacturing the product, including labor, materials, and overhead. You will need to build trust and an open channel of communication with other leaders on your team. Pay close attention to the story that data visualizations tell you and others reviewing your post.
The purpose of this analysis is to better understand the cost, revenue, and profit associated with the new product launch. Review the Cost, Revenue, and Profit Spreadsheet retrieved from the company’s data center and consider the following while developing your ideas in this assignment
What is the importance of data analysis?
What are the results of your analysis?
Think about your analysis and its findings, including visuals. Use visuals and text to re-state the purpose of your analysis and summarize your most important findings.
What are you trying to represent with this data?
What kind of graphic have you selected and why?
How did adding visual representations of the data change your analysis?
Does the target audience influence the way you display information?
What to Submit
Complete the Making Data Driven Decisions worksheet in your Soomo webtext, download your completed work, and submit it in Brightspace for instructor feedback. You should write using a professional voice, and any sources should be cited according to APA style. Your assignment must be between 400 and 800 words in length.
Data For Businesses
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Instructor Name
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Performance Data Analysis for New Products
1. The Significance of Data Analysis
In business, data analysis is the key to making well-informed choices. It offers a transparent and empirical foundation that enables us to identify patterns, forecast trends, and assess the efficacy of strategies (Ibrahim, Abu Bakar & Ahmad, 2023). It specifically allows companies to evaluate whether a product is popular with consumers, whether the pricing strategy is sound, and whether production costs align with sales.
2. Result Analysis
The business created a product from the dataset provided to achieve a 25% profit margin of COGS. The results of a monthly analysis show varying profit margins, with some months—most notably June to December—meeting or exceeding the target. Regrettably, the first five months of the year (January to May) experienced significant financial losses. Overall, the company made $9,830.00 in profit by the end of the year, falling short of its target of 25% by 4.18%.
3. A Visual Summary of The Results
The analysis evaluates the new product's profitability concerning the business's target of 25% COGS.
Major Findings
The monthly cost of goods sold (COGS) began at $23,920.00 in January and decreased to $17,095.00 by December. Thus, the total revenue started at $5,000 in January and increased steadily until it peaked at $30,000 in September. With a noticeable rise from a negative beginning to a positive conclusion, profit margins, as represented by a line graph, have demonstrated this. Additionally, the performance trajectory of the product would be clearly shown by visuals, such as bar charts that compare COGS, Total Revenue, and Profit per month.
4. The Purpose of Representation
The main goal is to accurately depict the product's yearly financial performance to determine whether a 25% profit margin hits the target. This offers an opportunity for stakeholders to gain insight into the market recepti...