A sales team set a goal to increase new customer acquisitions by 10% for the quarter. At the end of the quarter, a data analyst is tasked with comparing the actual acquisition numbers to this 10% target to determine if the team was successful. Which type of analysis is the analyst performing?
Performance analysis compares organizational achievements with chosen benchmarks or goals. It highlights areas that meet or do not meet expectations. Trend analysis monitors changes over time. Exploratory data analysis relies on descriptive statistics to obtain initial insights. Link analysis explores how data points connect without focusing on achieving a particular benchmark.
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Can you explain what benchmarks are in performance analysis?
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How does performance analysis differ from trend analysis?
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What is the role of key performance indicators (KPIs) in performance analysis?