Business Finance Homework Help

Hello All,

What sources did you use to gather your data, and why did you use these?

The sources I used to gather my data was Checkers.com, SWOT analysis, Nielsen, and FDA. I used Checkers.com because it is the official website of the company for the Capstone Project. SWOT (Strengths, weaknesses, Opportunities, and Threats) analysis focuses on identifying internal and external factors that could affect the future performance of the business. Nielsen has a lot of data on consumers wants and needs based on surveys. For example, the Nielsen Consumer Survey asks consumer preferences on activities, food, shopping, travel, entertainment, media choices, TV programs, movies, etc. The Food and Drug Administration (FDA) protects our nation’s food supply. Fast-food restaurants serve millions of customers everyday around the country, the FDA ensures food safety in both major franchises and small establishments.

What impact will any gaps in your data have on the validity of your analysis? How will you address this?

Gaps in your data will have a negative affect on the validity of your analysis. I will address this by making sure data quality, sampling, and analysis are adequate to evaluate peformance standards. I will also make sure to evaluate any unforeseen or unknown data; anticipating the future. However, I don’t want to have overreliance on data to make a decision. “Overreliance on data to drive decisions can lead to analysis paralysis” (Duarte, 1).

How should you organize your data so that important patterns, trends and anomalies are clearly visible?

Data can be organized into charts, graphs, diagrams, and histograms for clear visualizations. “Simple messages travel faster, simpler designs reach the market faster and the elimination of clutter allows faster decision making” (Welch, 2).

Which analytical method (Descriptive, Predictive, or Prescriptive – see Davenport & Kim pp. 3-5) did you use to assess your data? Why did you choose this method over others?

I used the Predictive analytical method. The Predictive analytical method can be used for multiple business strategies. It is the main analytical method for recommendation engines and search advertising. In addition, this analytical method provides executives and managers with decision-making tools for new product development, manufacturing optimization, sales forecasting, and revenue forecasting.

References

1. Nancy Duarte. 2019. Data Story

2. Jack Welch & Suzy Welch. 2015. The Real-Life MBA