New Perspectives Excel 2016 Module 3 Sam Project 1b

New Perspectivesexcel 2016 Module 3 Sam Project 1bnew Perspectivese

Performing calculations with formulas and functions in Excel 2016 to manage sales, inventory, and product info for a clothing company called You’ve Got Style.

Paper For Above instruction

Excel 2016 provides powerful tools for managing business data through formulas and functions, which are essential for accurate financial analysis, inventory management, and operational planning. The project involves practical application of various Excel features including cell references, functions like NOW, MAX, MIN, AVERAGE, ROUND, SUM, COUNTA, VLOOKUP, IF, and Goal Seek to simulate a real-world scenario for a clothing company. The goal is to ensure data accuracy, optimize inventory, and minimize costs while maintaining operational efficiency.

In this project, we begin with the sales data of You’ve Got Style, which sells curated clothing sets through a subscription model. The core tasks involve tracking current date and time, analyzing monthly sales data, updating inventory figures, and managing product details with accurate formulas. These actions enable the analysis of sales patterns, inventory peaks, and overall efficiency, vital for strategic decision-making.

Initial Data Entry and Basic Formula Application

First, the process begins with inserting the current date and time into the worksheet, which provides real-time reference data for sales analysis; this is achieved using the NOW function in cell A2. It is crucial for timestamping reports and tracking data currency.

Felicia Narvaez's sales data for different clothing sets are analyzed using relative and absolute references. Originally, she used absolute references which limited the formula's flexibility. By editing and copying formulas with relative references across ranges, the worksheet dynamically updates the highest and lowest sales figures. The use of the MAX function in cell O16 allows identification of the peak inventory level for Shirt/Blouse, providing insights into stock management during peak seasons or sales periods.

Inventory Management and Data Analysis

AutoFill extends month series in the inventory data, ensuring monthly continuous data entries, which allow for seasonal analysis and forecasting. The MAX function applied to inventory components identifies inventory peaks, informing restocking strategies and identifying potential shortages before they affect sales. The number of components within each clothing set is tallied using the COUNTA function, enabling assessment of product complexity and production requirements. Summing item counts further supports cost analysis and supply chain planning.

Lookup Functions and Data Validation

Using the VLOOKUP function, the system retrieves item counts for specific clothing sets, standardizing data retrieval and reducing manual entry errors. Correcting the erroneous data entry (“four” instead of 4) in cell B10 highlights the importance of data validation and ensuring consistency across datasets.

The Product Information Lookup section employs formulas to calculate total item counts and component numbers for clothing sets, facilitating inventory and production planning. Formatting cells with Input, Output, and Calculation styles improves worksheet readability and data classification, crucial for user navigation and data integrity.

Calculations and Logical Testing for Business Decisions

Calculations involve determining shipping weights based on net weights, packing weights, and conversions in pounds. The IF function then assesses whether a shipment exceeds the weight limit, aiding logistical planning and cost estimation. To optimize package sizes and mitigate increased shipping fees, Goal Seek analysis adjusts the packing weight so that the total weight of the Retro Fit clothing set does not surpass a specified threshold of 39.75 lbs. This advanced feature demonstrates how Excel can perform scenario analysis and what-if planning to support operational decisions.

The process is iterative, with the solution providing a target packing weight that balances cost constraints with product safety and delivery standards. The final steps involve saving the workbook with the applied formulas and results, importing the correct data, and submitting the project as per the instructions on the SAM website.

Conclusion

This project exemplifies how Excel’s suite of functions and features can streamline business data management, improve decision-making, and optimize operational costs in a retail environment. By integrating formulas, functions, AutoFill, and Goal Seek, it demonstrates a comprehensive use of Excel to solve complex real-world business problems, fostering analytical thinking and technical proficiency in spreadsheet management.

References

  • Walkenbach, J. (2015). Excel 2016 Bible. Wiley.
  • Alexander, M. (2014). Microsoft Excel Data Analysis and Business Modeling. Microsoft Press.
  • Gaskins, R. (2017). Mastering Excel formulas and functions. Excel University.
  • Senior, J. (2018). Practical Excel for Data Analysis. Packt Publishing.
  • Hortsmann, M. (2016). Excel 2016 Power Programming with VBA. Microsoft Press.
  • Gaddis, R. (2017). Starting Out with Excel. Pearson.
  • Bray, R. (2016). Excel VBA Programming for Dummies. Wiley.
  • Jelen, B., & Pogue, K. (2016). Pivot Table Data Crunching. Pearson.
  • Gaskins, R., & Nardi, R. (2018). The Excel Data Analysis: Your visual blueprint for analyzing data, charts, and PivotTables. Wiley.
  • Loth, R. (2019). Business Math and Statistics using Excel. Pearson.

Related Assignments