Exploratory Descriptive Statistics Data Analysis
In statistical data analysis, exploratory descriptive statistics is essential and beneficial in exploring and identifying the key characteristic that describes the underlying distribution of a given sample data set. This case study explores the descriptive statistics of the cost and sales attributes of fifteen different product types. The exploratory data analysis of the various variables related to the product types are as follows.
FOB $AU
Bin is the product type with the highest average FOB $AU of $8.10, while brush/ Scrub has the lowest average FOB $AU of $1.40. However, cart/trolley has the highest variation in the FOB $AU among the fifteen product types. Handles have the lowest variation in FOB $AU. Generally, the FOB $AU distribution for most product types is relatively moderately peaked based on their kurtosis value. Brush/scrubs have the highest kurtosis value of 9.17, which implies that FOB $AU for brush/scrubs has a highly peaked distribution. In addition, the distribution for most product types is approximately symmetrical. However, scourer, cloths, brush, and scrubs have skewness values greater than one, which indicates that they have a positively skewed distribution.
Freight/Unit
Buckets have the highest freight per unit of $1.08, while handles have the lowest freight per unit of $0.12. However, the variation of freight per unit of buckets is highest among the fifteen product types. Cloths and handles have the lowest variation of freight per unit among all the other product types. Furthermore, based on the kurtosis values the freight per unit of brushes, buckets, buff, and polish have a highly peaked distribution, while the freight per unit distribution of the other product types is moderately peaked. The skewness values indicate that most product types have a positively skewed distribution of freight per unit except for cart/trolley, scourer, and bin whose freight per unit has an approximately symmetrical distribution.
Duty/Unit
The duty per unit on the bin is on average highest among the fifteen product types, while the safety products have the lowest duty per unit of $0.02 per unit on average. The kurtosis values indicate that the distribution of the duty per unit of brush, scrubs, buffs, cart, trolley, and mops has a highly peaked distribution, which is also positively skewed. However, the kurtosis and skewness values of the other product types indicate that they have a moderately peaked and approximately symmetrical distribution of the duty per unit.
Landed Cost/Unit
The landed cost per unit is derived by adding the FOB $AU, freight per unit and duty per unit cost. Among the fifteen product types, the bucket has the highest average landed cost per unit of $9.72, while brush and scrubs have the lowest average landed cost per unit of $1.60. Generally, the distribution of the landed cost per unit for most product types is moderately peaked and symmetrical. However, the landed cost per unit of brush/scrubs and scourer have a positively skewed distribution, which indicates the presence of extreme landed cost per unit values for these product types.
Average List Price/Unit Current Year
Wipers have the highest average list price per unit of $44.62 in the current year, while handles have the lowest average list price per unit of $7.10. On the other hand, buckets have the highest variation in the average list price per unit compared to the other product types. The kurtosis values indicate that the distribution of the average list price per unit for duster is highly peaked, while that of the other product types is moderately peaked. Furthermore, the skewness values show that the average list price per unit of dusters, handles, mops, safety, scourer, and wipers has a positively skewed distribution, while that of the other product types is approximately symmetrical.
Average Gross Margin (%)
The average gross margin percentage is derived using the average price per unit and the landed cost per unit. For the sample of fifteen product types, wipers have the highest mean of the percentage average gross margin of 89.09%, while buckets have the lowest mean of the 66.17% of the percentage average gross margin. During the current year, cart/trolleys had the highest maximum percentage average gross margin of 96%, while bucket had the least minimum percentage average gross margin of 37%, among the maximum and the minimum percentage average gross margin of the fifteen product types.
Stock on Hand (Units and Value)
Dusters are the most units on average of the stock on hand (663 units). However, buckets have the highest average stock on-hand value of $1,933.06. Buff/polish are the product types with the lowest average stock on-hand value of $112.88.
Quantity Ordered Waiting for Receipt
Based on the descriptive statistics, handles have the highest quantity ordered waiting receipt of 5,000 units. However, on average, the window cleaner has the largest average quantity ordered waiting for receipt of 491 units, while the lowest average quantity ordered waiting for receipt is that of buff/polish with an average of 58 units ordered but not delivered.
Expected Wait (Number of Days)
Buff/polish has the longest expected wait time of 20 days. However, the average expected waiting time for delivery for window clean is approximately 8 days and the highest on average compared to that of the other product types, while the scourer has the least average expected wait time of approximately 2 days.
Sales Last Month and Three Months
On average, brush/scrubs had the highest average sales of 270 units and 804 units in the last month and three months respectively. Wipers had the least average sales of 21 units and 63 units in the last month and three months respectively. In addition, over the last three months, dusters had the highest sales of 6,618 units, while cart/trolleys had the least sales of 11 units.
Sales Last 6 Months, 12 Months, and 36 Months
Over the last 6, 12, and 36 months, brush/scrubs had also the highest average sales of 1,470, 2,932, and 6,818 units in the last 6 months, 12 months, and 36 months respectively. The average sales of wipers were also the least with 113, 218, and 584 units sold on average over the last 6, 12, and 36 months respectively. Dusters had the highest recorded sales during the last 6, 12, and 36 months with the maximum recorded sales of 6,650, 13,356, and 34,016 units during the last 6 months, 12 months, and 36 months respectively.
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Average Selling Price and Sales Revenue Last 36 Months
The sales revenue over the last 36 months is obtained by multiplying the sales units and the average selling price of the respective product types over the last 36 months. Bin had the highest average sales revenue over the last 36 months of $106,048, while the least average sales revenue over the last 36 months was that buff/polish, which was estimated at $7,250. On the other hand, the highest recorded sales revenue over the last 36 months was that of squeegees and was $407,846. Furthermore, based on the skewness values, the distribution of the sales revenue for the last 36 months for most product types is positively skewed except for window clean and bins. The skewness value for window clean sales revenue over the last 36 months indicates that it is negatively skewed, while that of bin indicates that the bin sales revenue over the last 36 months is approximately symmetrical and normally distributed.
Conclusion
The exploratory descriptive data analysis of the cost and sales related to the different product types has been quite insightful. From the descriptive statistics, we have been able to determine, evaluate, and compare the performance of the different product types. However, further statistical analysis is recommended to establish trends and possibly obtain forecast models for the cost and sales attributes of the different product types.
Reference list:
- https://www.gs.washington.edu/academics/courses/akey/56008/lecture/lecture2.pdf
- https://bolt.mph.ufl.edu/6050-6052/unit-1/
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