Outliers
Intended audience: END-USERS DATA SCIENCE DEVELOPERS
AO Easy Answers: 4.3
Overview
Outliers are data points that do not follow the trend of the rest of the data. This insight identifies the points that stand out.
Purpose
Identify anomalies that significantly deviate from the general pattern in sales or marketing data.
Business Example
Detecting unusual spikes or drops in product sales to understand and address potential issues or opportunities.
Scenario
A retail company wants to identify abnormal spikes or drops in the sales of a particular product. These outliers could be due to various factors such as a sudden change in consumer preferences, inventory issues, or an error in promotional campaigns.
Results
By detecting these outliers, the company can investigate the cause of unusual sales patterns. This can help in addressing potential problems, such as correcting inventory levels or adjusting marketing strategies. Alternatively, if the outlier is positive (like a sudden sales spike), the company can identify what drove the success and apply similar strategies to other products.
Data Sample
Date | Product_Sales | Inventory_Levels | Marketing_Spend |
|---|---|---|---|
2023-01-01 00:00:00 | 209.9342831 | 569.9677718 | 932.4821725 |
2023-01-02 00:00:00 | 197.234714 | 546.2316841 | 985.5481329 |
2023-01-03 00:00:00 | 212.9537708 | 502.9815185 | 920.7580079 |
2023-01-04 00:00:00 | 230.4605971 | 467.6531611 | 969.203847 |
2023-01-05 00:00:00 | 195.3169325 | 534.9111657 | 810.6385333 |
2023-01-06 00:00:00 | 195.3172609 | 519.6742693 | 1021.329371 |
2023-01-07 00:00:00 | 231.5842563 | 544.759661 | 1000.120548 |
2023-01-08 00:00:00 | 215.3486946 | 531.7585901 | 918.2911369 |
2023-01-09 00:00:00 | 190.6105123 | 552.4776358 | 1065.924567 |
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