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3 years ago

Write down the steps which are included in the planning phase of the data analysis process?

Business

1 answer:

zysi [14]3 years ago

5 0

Answer:

Step 1: Knowing and Defining your questions:

Step 2: Measurement

Step 3: Data Collection

Step 4: Analyzing the Data:

Step 5: Interpreting the results

Explanation:

Data Science is no doubt the most necessary science today. Every company, business or government need lots of data to make their decision making efficient and accurate.

For efficient decision making, data analysis is the key tool to utilize.

Data Analysis is basically the converting millions of billions of raw data into something useful out of it in terms of decision making of anything.

Data Analysis has 5 simple steps to follow, which are discussed below one by one.

Step 1: Knowing and Defining your questions:

Knowing right questions is the first and most critical steps in the data analysis process. Wrong questions will lead to wrong decisions. Therefore, make clear, concise and problem oriented questions.

For example: Our company is experiencing a downfall in revenues, can we afford to cut down the manpower?

Step 2: Measurement

For this step to complete, you must need to know what to measure and how to measure it.

For example: For cutting down of manpower, what type of data we need to measure? obviously we will be needing data relating to manpower and our companies revenues to generate the relation between them. Furthermore, it is equally necessary to know how to measure it. What factors do we include in it. What is our time frame etc etc.

Step 3: Data Collection

Obviously, this is the feed of all the process. For data analysis, you need to have sufficient data in the first place.

Step 4: Analyzing the Data:

After acquiring all the steps in the process, it is time to analyze the data more deeply. You will be searching for correlations in your data with your problem. In this step, you will be finding different parameters such as maximum, minimum, standard deviation, variance et. Moreover, you will needing graphs to plot the data that you have acquired.

Step 5: Interpreting the results

Lastly, you need to correctly interpret the results that you have got from the previous step. Right interpretation will lead to right decision making which will make a fortune of your company and wrong interpretation will lead to wrong decision making and you will be going otherwise,

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Total revenue equals A)price per unit times change in quantity sold. b)price per unit times quantity supplied. c)change in price

vovikov84 [41]

Answer:

d) price per unit times quantity sold

Explanation:

Total revenue refers to the total receipts generated by a firm at a given level of output sold. It is represented by:

TR = P × Q

wherein, TR = Total Revenue

P= Price per unit

Q= Units or Quantity sold

Marginal revenue refers to the addition to total revenue when an additional unit is sold.

It is expressed as;

$MR = TR_{n}\ -\ TR_{n\ -\ 1}$

4 0

3 years ago

Business Solutions sells upscale modular desk units and office chairs in the ratio of 3:2 (desk unit:chair). The selling prices

Doss [256]

Answer:

Results are below.

Explanation:

First, we need to calculate the selling price per composite unit:

selling price per composite unit= 1,280*0.6 + 530*0.4

selling price per composite unit= $980

Now, the unitary variable cost per composite unit:

Variable cost per composite unit= 780*0.6 + 280*0.4

Variable cost per composite unit= $580

To calculate the break-even point in units, we need to use the following formula:

Break-even point in units= fixed costs/ contribution margin per composite unit

Break-even point in units= 150,000 / (980 - 580)

Break-even point in units= 375

Finally, the number of units per product:

Desks= 375*0.6= 225

Chairs= 375*0.4= 150

4 0

3 years ago

A period of macroeconomic expansion followed by a period of macroeconomic contraction is called A. the business cycle. B. an eco

DanielleElmas [232]

Answer:

A. The business cycle

Explanation:

A period of macroeconomic expansion followed by a period of macroeconomic contraction is known as a business cycle. Like the name suggests, a business cycle is a cycle of highs and lows in economic activities.

There are periods of expansion which is often characterized by economic growth, leading to creation of more jobs, robust middle class etc and contraction which is characterized by loss of jobs, shrinking middle class etc in a business cycle.

Other periods of a business cycle may include peak, trough etc.

7 0

3 years ago

ou own a portfolio that has $2,700 invested in Stock A and $3,800 invested in Stock B. Assume the expected returns on these stoc

Butoxors [25]

Answer:

the expected return on the portfolio is 15.50%

Explanation:

The computation of the expected return on the portfolio is shown below:

Total investment is

= $2,700 + $3,800

= $6,500

Now

Expected return of portfolio is

= ($2,700 ÷ $6,500) × 12 + ($3,800 ÷ $6,500) × 18

= 4.98% + 10.52%

= 15.50%

Hence, the expected return on the portfolio is 15.50%

5 0

3 years ago

Murray Motor Company wants you to calculate its cost of common stock. During the next 12 months, the company expects to pay divi

Vlad1618 [11]

Answer:

a. Compute the cost of retained earnings (Ke)

$60 = $3 / (Ke - 8%)

Ke - 8% = $3 / $60 = 5%

Ke = 13%

b. If a $5 flotation cost is involved, compute the cost of new common stock (Kn).

$60 (1 - $5/$60) = $3 / (Kn - 8%)

$55 = $3 / (Kn - 8%)

Kn - 8% = $3 / $55 = 5.45%

Kn = 13.45%

Flotation costs reduce the amount of money that the company receives for every new stock that it issues, therefore, it increases the cost of new stocks.

6 0

3 years ago