Question
You work for a large accounting firm and have been engaged to provide business service consulting work for one of the firms largest clients, Jims
You work for a large accounting firm and have been engaged to provide business service consulting work for one of the firms largest clients, Jims Outdoor and Adventure Store. The managers have expressed one of their key struggles each year is holding excessive stock levels, saying, our industry is very seasonal, depending on the time of the year, stock demands can vary significantly between camping gear/ snow gear/ fishing products/ cycling etc. It is also heavily influenced by societal trends. We have extensive knowledge of our customers, with most of them utilising our rewards program. We just need to be able to predict how much stock we need to carry! (a) Outline two data analytics trends you could use that would assist with the managers concerns. (4 marks) (b) For each trend, explain how you would go about obtaining it, e.g., identify the source of the data; any external data that might be available; ethical considerations; and suggest ways you might analyse the data to arrive at an answer
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