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Pricing Analytics Application on Defining the Product Cost Using JMP® Scripts

 Pricing Analytics Application on Defining the Product Cost Using JMP® Scripts

 

Emma Johnson, Cypress Semiconductor

This project will showcase the power of the JMP application and scripting in the pricing analytics world. This is the first attempt to apply JMP to pricing worldwide. The method defined below is not the sole process in defining the product cost since there are other outside factors affecting the product performance in the market. The company saved a huge amount of time in using this tool. It took a week before the team could come up with the analysis of the data but with this project, it reduced the analysis time from one week to less than one hour. A customized menu bar was created for the analyst to easily retrieve the scripts. This menu has three customized submenus which represent the three phases of analysis which will be explained below. Basically, this project has a combination of script creation to automate the process, an interactive approach that will give the analyst the choice of determining at what granularity they want to analyze and a graphical and statistics analysis which will guide them to provide a recommendation. With this JMP application and script, the pricing team becomes more efficient in data analysis. The JSL played a big role in automating the analysis. There are three sets of JSL prepared to make the analysis efficient and accurate they are: 1) get data, 2) price band analysis and 3) recommended new cost.

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