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Data-Driven Decision Making for Consulting Corp. Expansion, Thesis of Financial Accounting

University of Phoenix (UOPX)Financial Accounting

A real-world business situation where Consulting Corp. has seen substantial growth in their business due to a steady increase in the number of certification application requests. The data collected over the past 17 quarters will assist in determining if hiring additional staff will be the right decision and will also aid in regulating the need for additional staff if the certification application requests continue to increase. the relevant data collected and the potential advantages and disadvantages of using regression analysis to project future growth.

Typology: Thesis

2023/2024

Available from 01/12/2024

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Running head: Data-Driven Decision Making 1
C207
Data-Driven Decision Making
C207
Consulting Corp. Expansion Based on Increased Certification Applications
A. Summary of real-world business situation
Consulting Corp., for the past five years, has seen substantial growth in their business. The
company has seen a steady increase in the number of certification application requests for each
quarter every year. Due to the continual increase in applications, the company has been
attempting to increase staff in anticipation of this continual growth to meet the demand going
forward. The data collected of the past 17 quarters will assist in determining if hiring additional
staff will be the right decision and will also aid in regulating the need for additional staff if the
certification application requests continue to increase approximately by how much.
B. Describe relevant data collected
The following data collected is comprised of the certification application requests in
Consulting Corp.’s database received each quarter from the first quarter of 2017 through the first
quarter of 2021. The first quarter of 2021 was also included as the company made the
determination that the current quarter is closed due to Covid-19 and the intrinsic situations the
global pandemic has caused and thus will be counted as a full and complete quarter. The
collection of the data from the below 17 quarters will assist in determining if the projected
increase will continue or not going forward.
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C

Data-Driven Decision Making

C

Consulting Corp. Expansion Based on Increased Certification Applications A. Summary of real-world business situation Consulting Corp., for the past five years, has seen substantial growth in their business. The company has seen a steady increase in the number of certification application requests for each quarter every year. Due to the continual increase in applications, the company has been attempting to increase staff in anticipation of this continual growth to meet the demand going forward. The data collected of the past 17 quarters will assist in determining if hiring additional staff will be the right decision and will also aid in regulating the need for additional staff if the certification application requests continue to increase approximately by how much. B. Describe relevant data collected The following data collected is comprised of the certification application requests in Consulting Corp.’s database received each quarter from the first quarter of 2017 through the first quarter of 2021. The first quarter of 2021 was also included as the company made the determination that the current quarter is closed due to Covid-19 and the intrinsic situations the global pandemic has caused and thus will be counted as a full and complete quarter. The collection of the data from the below 17 quarters will assist in determining if the projected increase will continue or not going forward.

The primary advantage to collecting the certification application request data is to support and determine the quantity of applications Consulting Corp anticipates receiving, as well as potential growth in future years, each quarter which would also aid in staffing increases. Accurate analysis is required because companies like Consulting Corp. rely on data projections for the growth of sales, revenue, new customers, and staffing requirements. A regression analysis would be appropriate for collecting the desired information from the data available. To have a starting point on what the anticipated growth in the future will be, an analysis of the number of certification application requests received quarterly in past years is needed. A potential disadvantage if that if the data is biased then it will cause the anticipated growth to reflect inaccurate numbers and will be limited if correct data was not provided to be able to run the analysis in the first place. If that is the case, the analysis would lead to inaccurate results that would be used to anticipate and regulate the future growth of the company.

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Number of Certification Applications

The total of 7,058 expected certification applications requests for the second quarter of 2021 was calculated using the formula Y=243.99(X)+2665.78. The projection analysis only considered the past 17 quarters trend to aid in what the outcome would be in the future. This projection analysis, however, did not consider any changes that occur that would be non-visible. With the accuracy of the data, correspondingly, if there is

any misreading then the information provided will not be accurate and result in forecasts that are erroneous when used to determine staffing increases and future growth. The results of the analysis from the previous 17 quarters trend of received certification application requests does show significance, it is the recommendation that Consulting Corp. proceed with its plans to bring on additional staff to align with the continual growth the company is experiencing and the expected growth for the remainder of 2021.