Business Analytics and Statistics - Assignment

Added on - 16 Mar 2020

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BusinessAnalyticsandStatisticsResearchReport ofHarvest KitchenByNameStudent’s NumberInstructor’s Name
2Table of ContentsIntroduction.................................................................................................................................................3Problem Definition......................................................................................................................................3Descriptive Statistics...................................................................................................................................3Statistical Analysis and Results...................................................................................................................5Conclusions and Recommendations............................................................................................................9References...................................................................................................................................................9List of figures............................................................................................................................................10
3IntroductionGood harvest is a firm based in Sunshine Coast which offers delivery services for their organicproducts. The company is still in a startup phase being that this is its second year in business.This means that they have to sell their goods at higher prices compared to the other business whohave been in the game for longer. The other challenges faced by the business is low average salesand low revenue and low workforce. These, according to the Huffington post, are challengesfaced by every other start up business out there (Nwobu 2016). This analysis seeks to determinethe performance of the company and its products, and provide recommendations that could givethe business a way forward.Problem DefinitionThe challenges faced by the business represents a significant financial burden to the company.Being a new business, this could not only lead to extreme financial challenges, but to the closureof the business as a whole. The cost of goods must remain high so as to generate some profit, butnot so high that it scares off the customers. Finding the perfect balance between generatingprofits and retaining customers is one of the toughest challenges faced by new businesses(Nwobu 2016). According to Ganesan (2016), bringing the sales department to order could bethe biggest breakthrough of a startup, since this will help generate a steady revenue, which canbe used to run and manage the other aspects and departments of the business. To solve thecurrent shortcomings in the business and ensure its success in this startup unfriendlyenvironment, effective strategies must be put in place.Descriptive StatisticsTwo datasets are used in the analysis, the first dataset contains data for the food shop for productmix while the other dataset contains data for the food shop sales summary. The former comprises
4of ten variables with 1034 observations each, while the latter is made up of eighteen variables,each with 366 observations. These variables are both quantitative and categorical.I changed the Product Class category from Ordinal to Nominal and Product Category fromOrdinal to Nominal. This is because both Product Class and Product Category are categoricalvariables not based on merit or order[ CITATION Bag114 \l 1033 ].i.Net ProfitDescriptive StatisticsNMinimumMaximumMeanStd. DeviationNet Profit ($)103408703164.74482.106Valid N (listwise)1034The average net profit is given by 164.74, the maximum is 8703, and the minimum, 0.ii.Total SalesDescriptive StatisticsNMinimumMaximumMeanStd. DeviationTotal Sales ($)1034017276369.961014.719Valid N (listwise)1034The average total sales is given by 369.96, the maximum is 17276, and the minimum, 0.iii.Cost of GoodsDescriptive StatisticsNMinimumMaximumMeanStd. DeviationCost of Goods ($)103408573205.22561.072Valid N (listwise)1034The average cost of goods is given by 205.22, the maximum is 8573, and the minimum, 0.
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