11 Jun INVENTORY ANALYSIS
Introduction and Purpose of Assignment
Before crunching numbers can happen, a mapping of analytics needs should be done. The article in the resources section of this learning activity provides an example of how analytical methods were applied to designing and writing websites. While this resource focuses on a different objective than this assignment’s scenario, the process used to address the problem will be similar.
Objectives
· Evaluate an analysis inventory of analytical needs for a business problem. (3.4)
Theory and Context
High analytics users may want to start at the end of the problem: crunching numbers; however, the emphasis in analytics could easily be placed on breaking down our business problems into more manageable pieces. The application of technology needs to fit the problem(s) defined and not simply be implemented for the sake of the technology’s capabilities.
Resources
Klein, W. D. (n.d.). Analytical methods. Retrieved from
http://www.umsl.edu/~kleinw/313/analyticalmethods/analyticalmethods.html
Instructions
1. Using the following scenario, create an analysis inventory:
a. Your company is a $20 million Mid-west manufacturer. During the past five years sales growth has slowed from 15% per year, to 2% per year. Company management has decided that introducing the product into the European market will reduce the declining sales growth trend. Management wants you to run some analytics on the situation.
2. In a chart format, identify 10 actual situations that analytics would evaluate to improve the analysis of this problem/decision.
Specific Analysis Problems
Industry Knowledge Necessary to Interpret Data Outputs (High/Medium/Low)
Accuracy/Reliability of Outputs Necessary to Support Decision-Making. (High/Medium/Low)
a. Support your analysis of Industry Knowledge and Accuracy/Reliability. Do not just indicate High/Medium/Low.
b. For one of the Specific Analysis Problems Identified, determine a piece of software available that the company could use in analyzing the problem.
3. Submit this table in APA format, including a title page and reference page.
4. Submit your exercise to your facilitator using the dropbox titled 3.2 Analysis Inventory before the next class meeting for Week Four.
Specific Analysis Problems
Industry Knowledge Necessary to Interpret Data Outputs
Accuracy/Reliability of Outputs Necessary to Support Decision-Making.
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