BUS225_Module_Four_Assignment-2-2

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1 Module Four Assignment Michaela Harding Southern New Hampshire University BUS 225: Critical Business Skills for Success Quinn Fleming January 28, 2023

2 Module Four Assignment Explanation of the Importance of Data Analysis Conducting a data analysis is an extremely effective way to understand and compare different types of data and draw conclusions from the data. “Businesses conduct research to gain insights into how best to solve a problem or achieve a goal” (Soomo Learning, 2022). In order to understand if the product is successful or not it is important to compare data such as sales, profits, and cost of goods. By comparing the units sold over the months it is easy to see if sales are increasing, decreasing, or fluctuating. The goal is to identify if the product is meeting the business’ target of 25% profit of the cost of goods sold. It is important to analyze data in order to interpret where the company started and if it has improved or not. Data can also help us understand trends in the business as well as demand for the product. Description of Findings The success of the company showed through the data within the Profits and the Cost of Goods Sold. Over the course of the year profits continued to rise with minimal fallbacks. The year started with the company having a recorded profit of -$18,920.00 and did not break even until June. After that, profits continued to steadily rise and by the month of December the company had increased its profits to $12,905.00. The COGS managed to decrease thrice throughout the year and simultaneously total revenues increased significantly. By the end of the year the company had earned a 4.18% profit. The goal for profits for the year was 25%, so the company did not meet the profit goal. In order to determine if the product was meeting the expectations of the company I compared the number of units produced with the number of units sold. The company produced 100,000 units each month and did not sell every unit produced until seven months into the year. The first three months of the year looked promising as units sold rose from 20,000 to 90,000 but took a sharp drop down to 30,000 units two months later. By June the company was able to sell 90,000 units and continue to increase units sold until more units were sold than produced. After analyzing the data I can determine that the product started off in a difficult position but proved to be in popular demand as well as profitable. Summary of Results

3 I chose the column chart to display the Cost of Goods Sold and compare the labor and overhead costs throughout the year. As the chart displays, the COGS continued to decrease steadily over the year on three separate occasions.

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4 The column chart with a trend line is used to display the units produced and sold as well as the profit goals of 25%. By comparing the units produced with the units sold we can determine the success of the product. Based on the graph the product remained unsuccessful up until August but exceeded units sold from then on after. The purpose of my analysis was to determine whether or not the product is meeting the company's expectations. Starting off the company was unable to make a profit or sell as many units as it was producing. This is to be expected when starting out and the company did manage to make a profit by the end of the year. However, the profit was barely 5% and the company's goal was 25%. While unable to meet the profit goal, the product managed to still make a profit of $12,905.00 as opposed to simply breaking even. This means the product has potential in the market.

5 References Soomo Learning. (2020). Critical business skills for success . https://www.webtexts.com/courses/59148-fleming/traditional_book/chapters/5754480-using- data-to-inform-decisions/pages/5487528-download-module-four-assignment

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