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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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vovikov84 [41]

Answer: O Tim must pay because the agreement to complete the tax returns earlier than originally agreed is additional consideration supporting the modification of the contract.

Explanation:

When Tim agreed to Betty's stipulation that for her to finish the returns earlier, he would have to pay an extra $250, he in effect agreed to the modification of the contract.

Modified Contracts are also enforceable by law so Tim has to pay the $250. There was no proof that Betty acted wrongfully as she had to change her schedule and needed to be compensated for the inconvenience. Also even if the modification was not in writing, it is a generally accepted rule that for contracts to be modified orally, the amount must not exceed $500 which it did not.

Tim is very much liable to pay.

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3 years ago

Company utilizes the LIFO retail inventory method. Its cost-to-retail percentage is 60% based on beginning inventory and 64% bas

djyliett [7]

Answer:

new layer at cost = $32000

Explanation:

given data

cost-to-retail percentage

beginning inventory = 60%

current period purchases = $50,000

retail value = $50,000

solution

we get her new layer at cost that should be here as

new layer at cost = retail value × current period purchases ......................1

put here value ans we will get

new layer at cost = $50,000 × 64%

new layer at cost = $32000

6 0

3 years ago

During January, LexPro Co., which maintains a perpetual inventory system, recorded the following information pertaining to its i

diamong [38]

Answer:

$3,225

Explanation:

The computation of the amount reported as an ending inventory is shown below:

Date Particulars Units Cost Amount

1 -1 Op Balance 1,000 $1 $1,000

1 -7 Purchases 600 $3 $1,800

Total 1,600 $1.75 $2,800

($2,800 ÷ 1,600 units)

1 -20 COGS 900 $1.75 $1,575

Total 700 $1.75 $1,225

1 -25 Purchases 400 $5 $2,000

Ending inventory 1,100 $2.9318 $3,225

($3,225 ÷ 1,100 units)

We simply added the purchase units with the opening balance and deduct the cost of goods sold units from the opening balance so that the correct ending inventory amount could arrive

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3 years ago

What elements must be present for fire to exist?

liraira [26]

Answer:

Matches, and log wood I'm guessing

7 0

3 years ago

Read 2 more answers

A regional supermarket chain runs print, radio, and television advertisements announcing that 1 percent of its sales is donated

GuDViN [60]

Answer: The correct answer is "Cause-related marketing".

Explanation: This is an example of <u>Cause-related marketing.</u>

Cause-related marketing is a type of corporate social responsibility activity, for which a business promotion campaign has a dual purpose: to increase profitability and improve society.

In this case, the supermarket chain seeks to increase its sales, promoting that 1% of these will be donated to local after-school programs for underprivileged youth.

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3 years ago