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.
* In 25–50 words, introduce the purpose of this assignment by answering these questions: What are you reporting on and what are you analyzing? Why is it important to analyze this information?
*In 25–50 words, answer these questions: Why is data analysis important? How can it help you understand whether the new product had a successful launch?
*In 200–400 words, summarize the general trends by answering these questions: How did COGS, profit, and profit as a percentage of COGS change over time? How close did your company come to meeting its goal?
*n 60–120 words, answer this question and explain your reasoning: Based on past performance, do you expect that the company will be able to meet its goal of a profit that is equal to 25 percent of the COGS in the future?
