Homework: Making Data Driven Decisions
This project is based on creating visualizations using charts for data. You can choose from column charts, bar graphs, line graphs, dual axis chart, area chart, etc.
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.
Scenario
For this homework, 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.
Goals
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 into what is working and what is not (e.g., whether the products or services o?ered are meeting expectations or whether a shift in strategy is necessary).
In this homework, you will:
1) Analyze quantitative and qualitative data to assess the performance of a product since its launch,
2) Draw conclusions and communicate them in your homework, and
3) Create data visualizations to provide evidence supporting your conclusion.
The purpose of this analysis is to better understand the cost, revenue, and profit associated with the new product launch. **Review the excel spreadsheet before moving forward**
Directions
1) Describe your Role and Goal
Introduce the purpose of this homework 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)
2) Explain the importance of Data Visualization
Why is data analysis important? How can it help you understand whether the new product had a successful launch? (In 25-50 words)
3) Analyze Past Performance
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?
Tell the story of your product's launch through data visualizations. Keep your target audience in mind as you choose which data visualizations. Keep your target audience in mind as you choose which data visualization to use. Look for the visualizations that best highlight the trends and that will be easiest for your audience to interpret.
(Chart one) **Now you should create a graph or chart of the data visualizations and insert here**
In 15-30 words, answer these questions: What kind of graphic have you selected and why? What is the main point you would like to make with this visualization?
(Chart Two) Upload the next data visualization chart here
In 15-30 words, answer these questions: What kind of graphic have you selected and why? What is the main point you would like to make with this visualization?
4) Predict Future Performance
In 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?
(Chart Three)
Upload a data visualization that provides the strongest evidence to support your argument.
In 15-30 words, answer these questions: What kind of graphic have you selected and why? What is the main point you would like to make with this visualization?
5) Summarize Your Findings
In 50-100 words, describe the launch of this product and answer these questions: Has it been successful? What trends have you been able to illustrate with your visualizations? What do you hope your target audience has gained from viewing your data visualizations?
Format your homework according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.
Attachment:- Cost-Revenue-and-Profit.rar