Business Analytics

Name

Institution/University

Instructor’s Name

Date
ABSTRACT

AB PLC has the potential to obtain insight into its data and create context for its information

through the use of data summarization and mining. They will be able to discover how prices

have changed over time and locate areas where they may make cuts with this information. The

two should be considered together. The examination of data can be of great assistance to

managers in making important decisions. When managers examine facts such as rising expenses,

they have the option of either increasing prices or switching suppliers. AB PLC would benefit

from conducting regression analysis and time series analysis. The analysis of regression helps

identify variable relationships, whereas the analysis of time series identifies trends in the data.

Through the study of data, organizational decision-making can be improved when data is used to

drive decision-making. If the facts suggest that the cost of an item is going increasing, managers

may decide to raise pricing or look for other suppliers. Data can also be used to investigate the

potential effects that decisions will have. At the very least, generation is one aspect that can

benefit from decisions that are driven by data. If the facts suggest that the cost of an item is going

increasing, managers may decide to raise pricing or look for other suppliers. Data can also be

used to investigate the potential effects that decisions will have.

INTRODUCTION

When determining how much something ought to cost, a specific organization has to take into

consideration a variety of different criteria in order to get at an exact estimate. This is necessary

in order to arrive at an accurate estimate. This is important in order to formulate an accurate

evaluation. It is highly possible that this decision was influenced in some way, shape, or form by

a variety of societal, political, and economic variables all at the same time. The cost of a

medication can be determined by a wide variety of factors, including the cost of labor, yield,
quality charges, third-party compliance expenditures, shipping rates, and volume discounts.

Included among these components are some of the following: Even in situations where there is a

sound business reason, such as when competing with other companies in a given market, it is

possible that it will not be feasible to implement a price increase in that circumstance. An

example of such a scenario is when the market is saturated with similar products or services. One

example of such a condition is when the market is flooded with products or services that are

quite similar to one another. When the market reaches equilibrium, for example, this is an

example of a circumstance that fits into this category. Not only does this report lay a significant

emphasis on the information that was collected and evaluated, but it also throws a significant

emphasis on the potential repercussions that this knowledge may have for the firm (AB PLC)

Due to the fact that the data for AB PLC can be investigated in a variety of various ways, it is

possible to develop a large number of distinct interpretations of the data for the company. In

addition to this, the data may be used to recognize patterns and trends, which is a significant

benefit. Calculating statistics like the mean, median, mode, and range of the data could result in

the creation of a summary of the information. To address the situation at hand, this is one

possible course of action that one could take. This is but one of many potential courses of action

that could be adopted. There are many others. They would be able to recognize any patterns or

trends in the data, which would provide them with a summary of the data and make it possible

for them to do so. They would be able to accomplish this if they were able to recognize any

patterns or trends in the data. An additional strategy that is a possibility and could be used is the

employment of data mining methodologies such as regression analysis or cluster analysis; this is

just one possible consequence among a great number of others that could occur. They would be

able to perform a more in-depth analysis of the data as a result of this, and as a result of this, they
would be able to uncover any hidden patterns or trends in the data. As a result of this, they would

be able to discover any hidden patterns or trends in the data. As a consequence of this, they were

able to discover any concealed patterns or trends in the data.

After conducting an analysis of the pertinent data, it is possible to proceed with making

managerial judgments. The prerequisite cannot be overcome in any way. The use of data analysis

can not only improve the overall quality of management decisions, but it can also improve the

validity of such decisions, which will lead to realizing a significant benefit. The investigation of

data has a vast number of potential applications, including determining which products sell the

best and worst, producing sales projections, conducting research on consumer behavior, and

investigating other fields that have problems comparable to those that are being investigated.

(Sajid., et al.,2021) Suppose the management team discusses utilizing this information as a basis

for their conversations. In that case, they will be more equipped to make decisions regarding

pricing, marketing, product development, and other parts of the company.

Both regression analysis and customer segmentation are examples of data analysis methods that,

if adopted at AB PLC, might benefit the company. One can identify the degree to which a

number of factors, such as sales and marketing spending, are related to one another by using

regression analysis. After compiling all of this information, evaluations and decisions on the

allocation of resources can then be made (Atluri et al., 2018). The desires and activities of

customers can serve as criteria for customer segmentation, which can subsequently be leveraged

to divide clients into several distinct categories. After that, the information can assist in various

ways to target different parts of marketing and sales.

Data utilization can also act as a foundation for decision-making and is, by a significant margin,

the most effective strategy for increasing the output of at least one thing among the many
possibilities now available; this is because the utilization of data as a foundation for decision-

making is the utilization of data as a foundation for decision-making. For instance, managers

may decide whether to raise prices or look for new suppliers based on data showing that the cost

of a particular item is increasing. This decision may prompt by the need to account for rising

costs. The requirement to account for increased prices is likely what caused this move. The fact

that the managers have access to the data will influence the decision made due to this choice

( Qin & Chiang, 2019). Data can also be used to make predictions about the outcomes of

decisions before those decisions are implemented. These forecasts can be used to inform future

decision-making.

One strategy to improve the profitability of a product in a particular environment is to sell the

product at a higher price than it is currently sold. This strategy would involve selling the product

at a price higher than the price at which it is currently being sold. Depending on the specifics of

the circumstance, the company can achieve this objective in several different ways; by

performing market research in order to find the appropriate price point for the product and by

acquiring a knowledge of the elasticity of demand for the product, alternatively, by analyzing

historical sales data. In order to find the best pricing point, it is necessary to consider both factors

(Ismail., et al.,2019). It is vital to perform both of these things to have any chance of effectively

accomplishing the goals. The company also has the option of concentrating its marketing efforts

on high-value customers who are willing to pay a more excellent price for the products—another

available choice, which is an additional choice we have at our disposal. Data summarization and

mining give AB PLC insight. They can evaluate expenses and understand variables' effects.

More data means more innovative pricing selections. AB PLC uses data analytics. Regression

analysis reveals pricing variables.

Time series analysis reveals price changes. Data analysis can guide price, manufacturing, and

distribution. AB PLC can benefit from data-driven decisions. Using data to determine price,

production, and distribution decisions boosts sales. Data-driven decisions will enhance AB PLC's

income. Data summarization and mining give AB PLC insight and context. They see how

different factors affect prices. They can make better pricing and business judgments if they

digest the facts (Zou., et al., 2020). AB PLC uses data analytics. Regression analysis links

variables to a price. Time series analysis reveals price changes. Data analysis can guide price,

manufacturing, and distribution. Data-driven decisions will enhance AB PLC's income. Using

data to determine price, production, and distribution decisions boost sales. Data-driven decisions

will enhance AB PLC's revenue.

CONCLUSION

The data belonging to AB PLC can be evaluated, trended, and patterned in a variety of different

ways. To summarize data using mean, median, mode, and range. Method: In order to summarize

the data, perhaps we should look for patterns or trends. One option among the many data mining

approaches available is regression or cluster analysis. After that, they might perform an analysis

on the data to discover any underlying patterns or trends. Managerial choices require data

analysis. The validity and quality of management are both improved by data analysis. The

analysis of data can determine which products sell the best and which sell the least, as well as

provide estimates of sales and evaluate client behavior. It's possible that management will make

better decisions on pricing, marketing, and product development. The application of regression

analysis and the classification of customers would be beneficial to AB PLC. A relationship

between sales and marketing costs can be found through regression analysis. The judgments

regarding resource distribution can now be made with this data. Customers can be categorized
based on their actions and desires. After then, marketing and sales might become a focus of

attention.

Analysis of data is just one of the many methods that can be used to improve operations inside an

organization. It can provide data that is accurate and up to date, which can be an initial aid in the

decision-making process. Second, analyzing data might uncover patterns and trends that aren't

immediately visible at first sight but become clearer with time. There are certain advantages that

are readily evident, but understanding this one requires some prior knowledge; doing so may

increase the reliability of decisions that are made in the future. In conclusion, data analysis is a

useful tool for evaluating potential courses of action and zeroing in on the one that is most likely

to generate the desired outcomes. It is possible, given the circumstances, for the profitability of

an item to be increased by selling it at a price that is superior in quality. There are a few different

approaches to take here. The results of market research can be helpful in evaluating the optimal

product pricing and the elasticity of demand. Both are necessary in order to accomplish the

goals. AB PLC also has the ability to cater to high-value customers who are willing to spend

more money—another choice.

 References

Atluri, G., Karpatne, A., & Kumar, V. (2018). Spatio-temporal data mining: A survey of

problems and methods. ACM Computing Surveys (CSUR), 51(4), 1-41.

Carvalho, L., Sternberg, A., Maia Goncalves, L., Beatriz Cruz, A., Soares, J. A., Brandão, D., ...

& Ogasawara, E. (2021). On the relevance of data science for flight delay research: a

systematic review. Transport Reviews, 41(4), 499-528.

Gupta, G. K. (2014). Introduction to data mining with case studies. PHI Learning Pvt. Ltd.

Hassani, H., Huang, X., Silva, E. S., & Ghodsi, M. (2016). A review of data mining applications

in crime. Statistical Analysis and Data Mining: The ASA Data Science Journal, 9(3),

139-154.

Ismail, A., Truong, H. L., & Kastner, W. (2019). Manufacturing process data analysis pipelines:

a requirements analysis and survey. Journal of Big Data, 6(1), 1-26.

Qin, S. J., & Chiang, L. H. (2019). Advances and opportunities in machine learning for process

data analytics. Computers & Chemical Engineering, 126, 465-473.

Sajid, S., Haleem, A., Bahl, S., Javaid, M., Goyal, T., & Mittal, M. (2021). Data science

applications for predictive maintenance and materials science in context to Industry

4.0. Materials today: proceedings, 45, 4898-4905.

Zou, Y., Donner, R. V., Marwan, N., Donges, J. F., & Kurths, J. (2019). Complex network

approaches to nonlinear time series analysis. Physics Reports, 787, 1-97.