Yes. Oversized report would help you to analyse whether my environment has enough memory resources? Based on oversized report you can reduce memory allocation for the VMs those are using less memory and utilize the same memory for VMs those are running memory sensitive applications. Also you can think on memory reservation set on underutilized VMs and can reduce the same as well. Oversized report also help you to provision more VMs on the same host & helps in configuring HA feature.(admission control, failover capacity etc)
You can increase the memory allocation and/or reservation for the VMs those are over-committed.