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Business Analytics and Statistics - Assignment

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Added on  2020-03-16

Business Analytics and Statistics - Assignment

   Added on 2020-03-16

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BusinessAnalyticsandStatisticsResearchReport of Harvest KitchenByNameStudent’s NumberInstructor’s Name
Business Analytics and Statistics - Assignment_1
2Table of ContentsIntroduction.................................................................................................................................................3Problem Definition......................................................................................................................................3Descriptive Statistics...................................................................................................................................3Statistical Analysis and Results...................................................................................................................5Conclusions and Recommendations............................................................................................................9References...................................................................................................................................................9List of figures............................................................................................................................................10
Business Analytics and Statistics - Assignment_2
3IntroductionGood harvest is a firm based in Sunshine Coast which offers delivery services for their organic products. 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 challenges faced by every other start up business out there (Nwobu 2016). This analysis seeks to determine the performance of the company and its products, and provide recommendations that could give the 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 closure of 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 generating profits 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 be the biggest breakthrough of a startup, since this will help generate a steady revenue, which can be used to run and manage the other aspects and departments of the business. To solve the current shortcomings in the business and ensure its success in this startup unfriendly environment, 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 product mix while the other dataset contains data for the food shop sales summary. The former comprises
Business Analytics and Statistics - Assignment_3
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 from Ordinal to Nominal. This is because both Product Class and Product Category are categorical variables not based on merit or order [ CITATION Bag114 \l 1033 ]. i.Net Profit Descriptive 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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