Chapter 7 Labs

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Humber College *

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3504

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Accounting

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Apr 3, 2024

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Chapter 7 Labs Name: - N01442610 Nghi Dung Dao Professor: Hatem Shashaa Course name: Data Analytics for Accountants - ACCT-3504 Due date: Mar 17/ 2024
Lab 7-1 Evaluate Job Costs —Sláinte: Lab 7-1 Part 1 Objective Questions (LO 7-2) OQ1. How much profit as a percentage of revenue does management hope to make from each product? Target profit margin: 20%
OQ2. What is the calculation for the budgeted direct labor cost? 27500 OQ3. When is a cost favorable? When expenses/cost are lower than expected. Lab 7-1 Part 1 Analysis Questions: AQ1. Why do we need to set up calculated fields and measures before we can create a visualization? Because it is allow to create new data from already existing data, so creating visualizations for that new data. AQ2. What is the purpose of an IF . . . THEN . . . statement for this lab? enable the use of color on the graphs to show favorable and unfavorable analyses. AQ3. Which other measures might be useful for analyzing job cost variance? Possibly some measures that break down the job cost in manageable and definable categories such as labor and materials. Lab 7-1 Part 2 Objective Questions (LO 7-2) OQ1. Which job has the highest revenue? Job 3217 OQ2. Which job has negative profit? Job 3210 OQ3. Which job has the highest profit? Job 3214 OQ4. On average, do the Premium jobs make more profit or less profit than the Standard jobs? make less profit than standard jobs. OQ5. On average, what is the largest revenue component measure? 1,772 for job number 3214. Lab 7-1 Part 2 Analysis Questions: AQ1. Why don’t we include revenue in this visualization? - The visualization shows profit and cost , therefore it is basically there just not calculated AQ2. What additional information might a manager want to add to complement this visual? Revenue calculated.
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Lab 7-2 Create a Balanced Scorecard Dashboard— Sláinte: Lab 7-2 Part 1 Objective Questions OQ1. What is management’s expected profit margin for each product? 13% OQ2. What is the average revenue threshold for our best customers? 600 OQ3. What color should you use to show favorable metrics? Blue Lab 7-2 Part 1 Analysis Questions: AQ1. What KPIs would you consider using to evaluate sales financial performance? - Monthly Sales, profit margin, cost per lead, lead to sale conversion. AQ2. What KPIs would you consider using to evaluate process efficiency? - Quality indicators, order fulfillment cycle, the waste level in production. AQ3. What KPIs would you consider using to evaluate employee growth? - Employee engagement level and revenue per employee. AQ4. What KPIs would you consider using to evaluate customer relationships? - Customer complaints and customer satisfaction index. AQ5. For each KPI, identify a benchmark value or KPI goal that you think management might use. - Customer relationships: management will want to minimize customer complaints. - Financial performance: a goal will be for them to increase over the years. - Employee growth: they will want to look at employee turnover and limit that. - Process efficiency: they will want to minimize waste. AQ6. Using the available fields, identify some calculations or relationships that would support your KPIs from AQ1 to AQ4? - It would be useful to find relationships between sales & employees. This helps to identify who the top salesperson is. It would also be helpful to find a relationship between sales and locations to see which region has the most sales and who the top salesperson is, in that region.
AQ7. Are there any KPIs you selected that don’t have supporting data fields? - When looking at customer relationships, there is no data for customer satisfaction or complaints. There’s also no data for the amount of waste in each production. Lastly, there is no way to calculate employee engagement level Lab 7-2 Part 2 Objective Questions: OQ1. Which product(s) has (have) fallen below the profit goal of 13 percent in February 2020? Wheat and Pale Ale OQ2. Which state takes the most time to ship to in February 2020? Oklahoma OQ3. Which salesperson is leading the rest for overall sales in February 2020? Tatiana Shah OQ4. Which customer is our best customer in February 2020? Sooner Beer Co Lab 7-2 Part 2 Analysis Questions: AQ1. How does the balanced scorecard dashboard help management quickly identify issues? - The balanced scorecard dashboard helps management quickly identify issues by providing a comprehensive view of an organization's performance across multiple KPIs. By presenting these critical KPIs in one dashboard, management can quickly identify issues that require attention. It does this by presenting information in a visually accessible format, with color-coded indicators, graphs, and charts. AQ2. What category of visualizations did you produce in this lab? - I produced visualizations that will represent KPIs from each perspective. By making a bar chart, line chart, scatter plot, and a map, these offer financial, process, growth, and customer perspectives. AQ3. What additional visualizations might you include on your dashboard? - Trendlines and Forecasts - Predicts future trends based on historical data. Comparison Visualizations - Shows how data points compare to benchmarks, goals, or competitors. Distribution Visualizations - Shows the spread and distribution of data points, such as histograms or density plots.