Question 1: What is the importance of data analysis? How can it help you understand whether
the new product had a successful launch? What are you reporting on and what are you
analyzing? Why is it important to analyze this information? Your response should be between
100–200 words.
Importance of Data Analysis
Data analysis is important in understanding a business stand point and it helps
understanding the problems that an organization faces. It is used to explore the data in
meaningful ways and interpret different answers to questions that are beneficial for the business.
Data analysis gives the interpretation , structures, patterns and presents the data with useful
information that provide the context for the data. Data analysis helps providing the patterns and
visualizations which gives the results about the new product and its detail overview about its
profits, revenue and other aspects which helps in deciding whether this product is a failure or a
success. Like the profit margin in the excel sheet provides we can look upon the sales and
revenue compared with each other to look for the success of product. By analyzing the revenue
