Business Analytics and Statistics
Business Analytics and Statistics – Sales Volume – Statistics Report Writing Assignment
Assignment Task:
Goal: To undertake a business analytics approach to solve a set of business problems that require the use of appropriately selected business analytics approaches.
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Solution:
Introduction
The main objective of this study is to determine the sales volume and profit of fruit shop among four seasons. The trend of the gross sales, net sales and total profit for each month is also validated to determine the performance of the sales in fruit shop. For the purpose of the study, a random sample of 366 fruit shops sales volume information is taken for the analysis
Problem Definition
The research hypotheses are
There is a significant mean difference in the total profit among the four seasons
There is a significant mean difference in the average sales among the four seasons
There is a significant mean difference in the total orders placed among four seasons
There is a significant mean difference in the credit total among the seven days of the week
There is a significant mean difference in the total orders among the seven days of the week
Statistical Analysis
The box plot given below shows the information about the gross sales among the four seasons
Going through the box plot, it is observed that the median gross sales are high during the spring season followed by autumn, summer and winter, but the difference is not very high. This indicates that people tend to buy fruits throughout the seasons ignoring the climatic conditions. During the winter seasons, there is a slight drop in the gross sales and this drop will not affect the sales volume to a great extent
The sales trend over the year is given below
Analysis 1: To determine whether there is a significant mean difference in the total profit among the four seasons
The ANOVA table indicates that there is a significant mean difference in the total profit among the four seasons (F test statistic = 11.456, p – value = 0.000 < 0.05). Going through the mean plot, it is found that the mean total profit is high during the spring season when compared with other three seasons. Thus, the trend of profit moves upwards during the winter and spring seasons. The total profit drops down during the autumn season and it assumed that the fruit sales seems to be moderate or low during the autumn season
Analysis 2: To determine whether there is a significant mean difference in the average sales among the four seasons
The ANOVA table indicates that there is no significant mean difference in the average sales among the four seasons (F test statistic = 0.316, p – value = 0.814 > 0.05). Going through the mean plot, it is found that the mean average sales are high during the autumn season when compared with other three seasons, but the average sales in autumn is slightly higher when compared to other three seasons
Analysis 3: To determine whether there is a significant mean difference in the total orders placed among four seasons
The ANOVA table indicates that there is no significant mean difference in the total orders among the four seasons (F test statistic = 1.138, p – value = 0.334 > 0.05). Going through the mean plot, it is found that the mean total orders are high during the spring season when compared with other three seasons. The number of total orders remains to be same during the summer and autumn season and there is a little bit drops in the total fruits ordered during the winter season, but the difference is not statistically significant.
Analysis 4: To determine whether there is a significant mean difference in the credit total among the seven days of the week
The ANOVA table indicates that there is a significant mean difference in the credit total among the seven days of the week (F test statistic = 3.881, p – value = 0.001 < 0.05). Going through the mean plot, it is found that the mean credit total is high during the Monday and Thursday and low during the Saturday and Sunday. This indicates that the credit total reaches its maximum during the weekdays and its worse during the weekends
Analysis 5: To determine whether there is a significant mean difference in the total orders among the seven days of the week
The ANOVA table indicates that there is a significant mean difference in the total orders among the seven days of the week (F test statistic = 11.585, p – value = 0.000 < 0.05). Going through the mean plot, it is found that the mean total orders are high during the Monday, Tuesday and Thursday and low during the Saturday and Sunday. This indicates that the total orders reaches its maximum during the weekdays and its worse during the weekends
Results
From the analysis, we found that
- The median gross sales are high during the spring season followed by autumn, summer and winter, but the difference is not very high
- The total profit drops down during the autumn season and it assumed that the fruit sales seems to be moderate or low during the autumn season
- No significant mean difference in the average sales among the four seasons
- No significant mean difference in the total orders among the four seasons
- The credit total reaches its maximum during the weekdays and its worse during the weekends. The variation is high in total orders during the weekdays and weekends
- The total orders reach its maximum during the weekdays and its worse during the weekends. The variation is high in total orders during the weekdays and weekends
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