Analysing a Real-World Business Dataset
Congratulations on completing the prerequisite content of the course “Quantitative Methods in a Business Context”! In order to further enhance your knowledge and skills in data analysis, we will now dive into analysing a real-world business dataset. This assignment will help you apply the numerical techniques learned in the course to a practical scenario.
Scenario:
You have been hired as a data analyst by a retail company called XYZ Stores. The company wants to understand the relationship between price and demand for one of their products. They have provided you with a dataset containing historical sales data for this product.
Your task is to analyse the dataset and provide insights to inform business decision making. Specifically, you need to:
- Analyse the relationship between price and demand for the product. Provide three examples of how price changes have affected the demand.
- Measure the impact of management actions on the product’s demand. Provide three examples of management actions and their corresponding impact on demand.
- Analyse the cost structure of the product. Use three examples of hypothetical figures to demonstrate your analysis.
- Analyse the business performance of XYZ Stores against their targets and competitors. Use three examples of hypothetical figures to illustrate your analysis.
- Identify and explain three variables that might influence the demand for the product.
Please present your analysis in a clear and organised manner. You can use tables, charts, or any other visual aids to support your findings. Make sure to explain the calculations and techniques you used to arrive at your conclusions.
Remember to use the rules of numeracy and the measures of central tendency and dispersion covered in the course to perform your calculations. This assignment will help you develop your skills in applying numerical techniques in a business context.
Good luck, and enjoy analysing the real-world business dataset!