• Understand the significance of business math

Data Analysis and Decision Making in Business Cont.

In today’s data-driven business world, the ability to analyze information and make informed decisions is crucial. This Apply It aims to apply the concepts of business math, particularly in the areas of statistics, data visualization, and decision-making models. You will step into the shoes of a business analyst at a startup company, “InnovateTech,” tasked with making a critical decision based on data analysis.

InnovateTech is considering expanding its product line. The decision depends on various factors, including market trends, customer preferences, and financial forecasts. You have access to a dataset that includes sales figures, customer feedback, and market research. Your task is to apply statistical methods and a basic decision-making model to this data, visualizing the results and making a recommendation on whether or not to proceed with the expansion.

Having understood the critical role of business math in making objective decisions, let’s now dive into InnovateTech’s sales data to identify the trend over the past year.

Sales Data (Past Year):

• Q1: [latex]$50,000[/latex]
• Q2: [latex]$55,000[/latex]
• Q3: [latex]$60,000[/latex]
• Q4: [latex]$65,000[/latex]

With the sales trend identified, let’s shift our focus to what the customers are saying. Analyzing customer feedback is key to understanding market needs and preferences for the proposed product expansion.

Customer Feedback (Based on Recent Survey):

• [latex]70\%[/latex] of customers express interest in new product lines.
• [latex]30\%[/latex] are satisfied with the current product range.