Vocational scenario Launched in 2007, Gilt is an online shopping destination headquartered in New York City. The website offers clothes and accessories to customers who are fashion conscious. Despite the growing trend towards online shopping, the company has been encountering low sales resulting lessor profits in the past two months. The management has been concerned about the declining sales and have advised the Business Analysis team to compile a report covering the sales performance of the company in the past two months and provide recommendations to better plan their business and be back on track. You have joined Gilt as a Junior Business Analyst and you have been asked by the Senior Business Analysis (your line manager) to support the team in this effort by undertaking few tasks and compiling a report. Assignment activity and guidance While you are doing your initial research, you have identified that your colleagues lack awareness of business and economic data/information that can be obtained from published sources. In order to make them aware on this and make it easier for them to follow the report you will compile, you have decided to include section in the report to address this requirement. This section is to include; = A definition for data and its importance for a business. = An evaluation of the relationship between data, information and knowledge providing illustrations and examples where appropriate. = Considering strengths and weaknesses, similarities and differences develop an argument on the nature and process of different business and economic data/information that are present in different published sources. = Identify data from different sources and evaluate them with the use of different methods and analysis. = Present your judgment based on all the above findings and make a valid conclusion on methods of analysis that can be used by 'Enterprise' to present business and economic data/information from a range of different published sources In the next section of the report you are to analyse and present your findings through the sales data at Gilt in the past two months (A separate excel sheet with data has been provided with the assignment brief) to support of business goal of the company. In order to achieve this task, you are required to; = Use the set of given data to calculate a range of descriptive and inferential statistics. = Assess the differences you encounter between descriptive statistics, inferential statistics and measuring association between the provided data. = Develop a conclusion on the differences in application between methods of descriptive, exploratory and confirmatory analysis of business and economic data for the business based on all the above findings (including the findings of the first chapter). = Apply and justify the use of different methods, (e.g., T-Test, ANOVA testing, chi square testing) that can help the Gilt with its business planning in areas related to quality, inventory and capacity management. Based on the anlsysis provide recommendations for the business to consider in improving its business planning process. = Present your findings in the appropriate format using a range of graphs and charts to communicate data analysis. Giving justification for the use of different formats. = Critically reflect on different formats and ways of presenting evidence. This is to be presented as a report with supported documentation of your relevant calculations (to be submitted in Excel)