Understanding And Managing Data ?

Understanding And Managing Data

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Part 1

Task 1

(a)

Table 1: Task 1 calculation

(Sources: Self-Created in MS Excel)

(b) Here the mean result has suggested that the consumer will be ready to pay 224 dollars (Yletyinen et al .2019). The calculation of standard deviation is done following the Standard deviation and SQRT of Count. In this case standard deviation of 75.00 implicate included risk.

Task 2

(a)

Table 2: Frequency and Frequency (%)

(Sources: Self-Created in MS Excel)

Table 3: Cumulative Frequency and Cumulative Frequency (%)

(Sources: Self-Created in MS Excel)

Table 4: midpoint (x), (x-mean), (x-mean)² and f(x-mean)²

(Sources: Self-Created in MS Excel)

Table 5: Mean, Variance and Standard Deviation

(Sources: Self-Created in MS Excel)

Figure 1: Cumulative Frequency

(Sources: Self-Created in MS Excel)

(b) If a customer belongs to the bottom 25% in respect to the expenditure amount then the total estimated minimum amount is 150. The amount is 150 because it is in the middle of 100 and 200 in respect to the given figure.

Task 3

Cross sectional data

Time service is used to provide focus for every individual different time affection. Here the data are gathered for periodical time variables. As an example Tuskys time series data profit return for every end time of 2020, 2019, 2018 financial year.

Time series data

On the other side cross sectional data is known for observation of those information which come from groups or individuals. For example Quicksmart, nail nad Tuskys 31st december 2020 profit return is good.

Difference between Cross sectional data and Time series data

Most important difference between these two is the observation part which depends on individual variables and variable range (Murphy et al .2018). Here kitchen appliances should choose cross sectional data because this business survey character will carry out consumer surveys.

Task 4

(a)

Figure 2: Network Diagram

(Sources: Self-Created in MS Excel)

This networking diagram is created with forward and backward structure also by the duration. Working duration has been divided into two parts.

(b)

Table 6: Paths and Duration (weeks)

 (Sources: Self-Created in MS Excel)

(c)

Critical Activities

The activities which are restricted by the time are referred to as critical activities. It also signifies that any delay in these activities delays the whole project.

Non-Critical Activities

The activities which are independent and are not restricted which the taken time is termed as non-critical activities.

Task 5

(a)

Table 7: Correlation Matrix

(Sources: Self-Created in MS Excel)

(b)

The selected and potential predictor of the gross profit is the total value of sales or revenue. The selection of revenue is done due to certain reasons that consist of the total values of cost, number of units sold, profit and many more. Therefore, selection of revenue is accurate for the correlation matrix.

(c)

Figure 3: Scatter Graph

(Sources: Self-Created in MS Excel)

(d)

Table 8: Correlation Coefficient and Coefficient of Determination

(Sources: Self-Created in MS Excel)

Correlation Coefficient

The relationship between two different variables which provide a specific measurement is termed as correlation coefficient (Mandalari et al .2020). According to the assignment, the correlation coefficient is 0.273 which is the correlation between total gross profit and sales.

Coefficient of Determination

The value of coefficient of determination is nothing but the square of the value of correlation coefficient.

(e)

The significant equation of the regression equation is 898+0.4420X which is the general answer based on the formula of the regression equation. It is calculated with the help of the values of intercept and slope.

Task 6

(1)

Table 9: Coefficient of Variation and Coefficient of Determination of Variation (%)

(Sources: Self-Created in MS Excel)

(2) The project B should be chosen because it has lower price segmentation and the standard deviation is sufficient to work with.

Task 7

This reflection is given as per the personal knowledge gaining reflection information. This information is about which things create problems to fulfill the requirement or project potential. In the following step the discussion is provided as per the little bit of feedback form.

1. Before concluding in the future path first things need to be learned about controlling stress. In the present more techniques have been learnt.
2. There should be a long term horizon decision making life goals which will be used like some objectives. Therefore, if I get another assignment like this, I will complete the assignment with less amount of time because my efficiency increased after completing the assignment. That will be helped to consume time section properly.
3. To build good and long term relationships with surrounding people which will transfer more effective and genuine dealing factors.

For this project through crystallization has been procure all the requer potential. also the challenges created on the aspect of course work and the most brutal honest path. This way helps to move everything in the correct direction. In future more natural and environmental creative aspects will be found to develop the next assignment.

Part 2

(a)

Table 10: Fixed and Variables cost

(Sources: Self-Created in MS Excel)

High and low methods have defined the variable cost as well as fixed cost; this detail provides more periodical information. This particular method is most suitable at the segregate FC and VC data variables.

(b)

Table 11: Fixed and Variables cost

(Sources: Self-Created in MS Excel)

(c)

Table 12: Profit Target

(Sources: Self-Created in MS Excel)

In order to achieve the targeted profit value which is 60000, Enka limited have to sell 10500 units of t-shirt to achieve the targeted profit. Therefore, the total cost will be 150000 and the total revenue will be 210000 for achieving the target profit.

(d)

The total margin of safety for the year of 2022 January will be there compared to the other months of the year because in the past months the company has earned a large number of profit compared to the current target profit.

(e)

There are several advantages and disadvantages of the process of breakeven analysis which are projected below.

Advantage of Break Even Analysis

• The most significant and practical purpose of the breakeven analysis is to evaluate the total profit and the total amount of loss in the different stages of the production of the product and the sales of the product (Acharya et al .2018). It helps the companies to understand the all over activity of the product from production to sales.
• This one is considered as the changing and circulating help point which makes ensurity in business decisions for business.
• This is the most simple and easiest factor for decision making.
• At any variable output result point this system is usable.

Disadvantages of Break Even Analysis

• The concept of breakeven analysis has certain limitations and disadvantages at the same time that it is to calculate levels of output by assuming the total sales price in constant form.
• It also calculates on the assumptions that the levels of production and sales are going to be the same.
• The process of breakeven analysis is restricted towards a single product of the company or a blend of products but it is considered as a single product of a company.
• This one only provides information of efficient case long term planning that is not applicable for it.
• At the break even time it creates complexity for multiple product mixes.
• If the estimated business is full with both type costs then the complex level is included in the calculation part.

Reference list

Journals

Acharya, V.V., 2018. Understanding and managing interest rate risk at banks. Macroeconomics and Finance in Emerging Market Economies, 11(2), pp.218-231.

Arora, L., Singh, P., Bhatt, V. and Sharma, B., 2021. Understanding and managing customer engagement through social customer relationship management. Journal of Decision Systems, pp.1-21.

Mallinson, A., Maire, R., Beyaert, C., Vibert, D., Coffinet, L., Longridge, N., Vanspauwen, R., Dumas, G., Petersen, H. and Perrin, P., 2021. Understanding and Managing Trauma-Induced Vestibular Deficits. The Journal of International Advanced Otology, 17(6), pp.559-565.

Mandalari, G., 2020. Symposium ‘understanding and managing satiety: processes and opportunities’. Journal of Nutritional Science, 9.

Murphy, S.A., Paltridge, R., Silcock, J., Murphy, R., Kutt, A.S. and Read, J., 2018. Understanding and managing the threats to Night Parrots in south-western Queensland. Emu-Austral Ornithology, 118(1), pp.135-145.

Yletyinen, J., Brown, P., Pech, R., Hodges, D., Hulme, P.E., Malcolm, T.F., Maseyk, F.J., Peltzer, D.A., Perry, G.L., Richardson, S.J. and Smaill, S.J., 2019. Understanding and managing social–ecological tipping points in primary industries. BioScience, 69(5), pp.335-347.