Hi this is Business Analytics Assignment please see attached files. I am going to post to all the requirements and assignmnet down in attachment
MITS6002 Business Analytics Assignment 3 Q1. Carefully Read the “CommBank Retail Business Insights Report FY18” provided with this as an attachment and answer the below questions. i. Comment on the insights report based on the overall features; including the quality of visualisations, presentability, and the information provided. ii. List the key information you derive from this insights report and explain how they will be useful in decision making. iii. Write an abstract (one paragraph) summarising the insights report. iv. Suggest improvements to this insights report. Q2. Regression analysis is a commonly used technique to find relationships among variables. Answer the below questions based on regression analysis. i. Provide an example where regression analysis can be effectively used. ii. Collect height and weight data from 10 friends/relatives of yours and complete the below table. Every student in class should have a unique set of values. Height Weight iii. Draw a scatterplot based on above data. Based on your plot comment on the relationship between height and weight. iv. Compute the equation of the regression line. v. Calculate the R2 value and comment on the goodness of the fit. https://www.commbank.com.au/content/dam/commbank/business/pds/retail-business-insights-report-fy18.pdf vi. Use an analytics tool of your choice to calculate the values for iv, and v. Compare them with your answer. Q3 Classification and regression are commonly used processes in business analytics. i. Briefly explain the difference between classification and prediction. ii. Give examples for classification methods you know. iii. The following diagram shows a neural network with one hidden layer. Write down the algebraic equation for y1 in terms of input values i1,i2 and weights w. Briefly explain how neural networks are used for classification. iv. Give at least three examples how clustering can be used in business analytics. In your answer explain how each business case could be addressed using clustering. CommBank Retail Insights. Edition 9 CommBank Retail Insights Report Edition 9 Contents Foreword 4 The last mile – the customer perspective 5 Exceeding consumers’ last mile expectations 6 What shoppers say they want 7 Free deliveries can be a win-win 8 Is a sole focus on speed misplaced? 9 Giving customers choice 10 Delivery preferences differ between generations 11 Case study: Cue Clothing Co. 12 The last mile – the retailer perspective 14 Unlocking the potential of collaboration 15 Innovate or be disrupted 16 Expert view: GRA Supply Chain Consultants 17 Key insights: the retail landscape 19 Key insights: the last mile 20 Key insights: state by state view 21 Sector insights 22 Food & Liquor 23 Take-away Food Services 24 Clothing & Footwear 25 Homewares & Hardware 26 Other Retail 27 Learn more 28 2 CommBank Retail Insights Report Edition 9 CommBank Retail Insights The last mile In this edition of Retail Insights, we explore the dynamics of retail delivery and pick-up services, including consumer preferences and behaviours and the opportunities for retailers to optimise these services to attract and retain customers. 3 Foreword Many retailers are grappling with how to effectively provide the delivery and pick-up services that consumers demand and, in most cases, online shoppers see room for improvement, particularly the younger generations. This may be contributing to relatively stagnant growth in online sales. Our data indicates that online retail sales have been hovering around 30% of total omni-channel retail sales volumes since January 2017, defying regular retailer forecasts for further growth.1 The tepid consumer response isn’t surprising. An estimated 23% to 35% of online deliveries fail on the first attempt due to customers being absent.2 This correlates with the fact that 21.6% of people in couple families live in households where both partners work full-time, and 21.7% with one person working full-time and the other part-time.3 In these cases, they are simply not at home to receive deliveries. When building out delivery services, retailers have tended to balance the cost of offering deliveries against getting parcels to their customers as quickly as possible. However, this doesn’t always align with what consumers want. In many areas, consumer expectations are significantly outpacing what retailers offer. What consumers look for most are free deliveries and returns. Greater choice and visibility closely follow. They want updates on the status of their shipments and the ability to amend details of their order or delivery address. Consumers place more value on features like these than on receiving their parcels within a matter of hours. It may seem contradictory that while consumers say they want lower cost deliveries, their satisfaction is more closely linked to reliability – the fundamental need for items to arrive when expected. According to retailers, consumers are in fact bearing the cost of most deliveries, a clear signal that shoppers are willing to pay when they see the value. So rather than doing more of the same, as most retailers intend, there is an unrealised opportunity to innovate and close the gap between current offerings and shopper expectations. Numerous technology solutions such as GPS tracking, smart lockers and the Internet of Things offer consumers the choice they’re after. Currently though, only a few retailers are planning to deploy these solutions despite a groundswell of Australian consumer trust in many delivery innovations and evidence of successful adoption in many offshore markets. From my own experience overseas, other markets are better balancing this under-appreciated consumer need for choice with speed. Consumers in the US, UK and many European countries have already come to expect more choice and control when it comes to their deliveries. Inevitably shoppers here will expect it too. Retailers that don’t demand innovation in their last mile offering risk falling further behind their customers’ expectations. Those that do, have an opportunity to be at the frontier of last mile excellence. As always, we’d love to hear from you about your own retail experiences. If you’d like to learn more about how you can put our insights into practice within your own business, please get in touch with our team of retail specialists. Jerry Macey National Manager, Retail Industry Business and Private Banking Commonwealth Bank of Australia About CommBank Retail Insights CommBank Retail Insights is an exclusive, wide-ranging analysis of the Australian retail sector. This edition is based on two surveys conducted by ACA Research on behalf of the Commonwealth Bank. • An online quantitative survey of Australian retailers in July 2019, involving 580 decision-makers from small, medium and large retailers across Australia, with turnover ranging from less than $1 million to over $500 million. Results have been categorised into five retail sectors: Food & Liquor, Take-away Food Services, Clothing & Footwear, Homewares & Hardware, and Other Retail (e.g. books, games, music, consumer electronics and computers, etc.). • An online quantitative survey of 1,505 consumers in July 2019 who had purchased an item and had it delivered or picked up in the past three months, segmented by generation as follows: • Gen Z, aged 16-23 years (9%) • Gen Y, aged 24-36 years (26%) • Gen X, aged 37-52 years (25%) • Baby Boomers, aged 53-71 years (28%) • Pre-Boomers, aged 72 years or over (12%) Consumer data has been weighted to ensure the results are nationally representative. 1 CommBank Retail Insights editions 4, 5, 6, 7 and 8 (these show that online sales as a percentage of multi-channel retailers’ total sales have ranged between 25% and 29% and that retailers’ forecasts for the percentage in the next 12 months have ranged between 31% and 35%) 2 www.gra.net.au/uploads/resource/126-Last-Mile-Fulfilment-Whitepaper-2018.pdf – Page 4 3 www.quickstats.censusdata.abs.gov.au/census_services/getproduct/census/2016/quickstat/036 CommBank Retail Insights Report Edition 9 Release date: November 2019 All statistics and references to consumers and retailers in this report are based on the responses to the survey unless otherwise stated. Definition of the last mile The delivery of retail goods from a store or transport hub to the shopper. 4 The last mile - the customer perspective Cost matters most to consumers Getting packages to consumers quickly is a focus for most retailers. However, cost, choice and visibility of deliveries trump speed when it comes to consumer preferences. 5 CommBank Retail Insights Report Edition 9 Exceeding consumers’ last mile expectations The fact that futile deliveries remain a feature of many consumers’ online shopping experience highlights the challenges facing retailers seeking last mile excellence. As retailers remain intently focused on getting goods in the hands of consumers as quickly as possible, shoppers place more value on free deliveries and the choice of when, where and how they receive their packages. This misalignment could partially explain why many Australian shoppers are only moderately satisfied with the delivery service they receive, with 47% saying they are only somewhat or not satisfied. It may also explain why retailers’ perennial forecasts for growth in online sales haven’t materialised over the past two to three years. Despite the opportunity to improve the status quo, most retailers intend continuing with their current offering with a marginal increase expected in areas like parcel lockers and pick-up from locations other than the store from which their customers order. Australian retailers are also contending with last mile advances in offshore markets that are shaping consumer expectations of delivery. To meet this, and the existing demand for greater choice and control over shoppers’ deliveries, retailers can benefit from working more closely with delivery service aggregators and logistics providers. Through remaining open to innovative delivery solutions that align with consumer expectations, retailers have an opportunity to set a new benchmark. This has the potential to support better customer acquisition and retention and help restore online sales growth. Online sales from multi-channel retailers The proportion of online sales volumes among multi-channel retailers has remained relatively steady since 2017 Delivery and pick-up services on offer Retailers plan to make minimal changes to delivery services in the next 12 months CommBank Retail Insights Report Edition 9 “ The focus on minimising the cost of deliveries is letting down customers and retailers. Instead, retailers should be seeking to better understand consumers’ needs and expectations and their willingness to pay for the features they value.” Jerry Macey National Manager, Retail Industry Business and Private Banking Commonwealth Bank of Australia Jan 17 Aug 16 Jan 16 Aug 15 Feb 18 Jan 19 Jul 17