Describe a real-world business situation that could be addressed by collecting and analyzing a set of data.
The situation that will be addressed will be the change in sales for a grocery store in the face of a coming winter storm. Through collecting and analyzing data I will determine the increase in sales and which items specifically were the causes for increased demand.
Summarize one question or decision relevant to the real-world business situation you will answer by collecting and analyzing a set of data.
The question I will seek to answer is which items should the store stock extra of when a winter storm is in the upcoming forecast?
Explain why the situation or question would benefit from a data analysis.
The grocery store would benefit by being able to take advantage of weather emergencies through increased revenues that would come from increasing the number of items they find customers want to buy the most in the face of upcoming hardships caused by weather.
Identify data you will need to collect that is relevant to the situation or question. Note: A sample size of 30 or more is suggested to provide a statistically reliable finding.
Data that will be collected will include:
1. Overall sales prior to storm.
2. Overall sales during storm.
3. Inventory levels prior to storm.
4. Inventory levels during storm.
5. Inventory levels post storm.
6. Which items were sold the most?
7. Items that sold out first.
8. Items we sold the least of.
9. Prices customer paid for individual items.
10. Profit margin on most popular items.
11. Customer traffic pre-storm forecast.
12. Customer traffic post-storm forecast.
13. Specific inventory items sold.
14. Percentage increase in specific inventory items sold.
15. Dollar increase in specific inventory items sold.
16. How certain items relate to each other (e.g. increase in bread sales compared to increase in milk sales).
17. Amount of snowfall...