Business Analytics Principles, Concepts, and Applications: What, Why, and How

About

Features

The complete introduction to business analytics for every newcomer to the field 

• Designed to make it easier than ever for instructors to teach business analytics -- and for students to master it
• Clearly explains the core concepts of business analytics – and the tools, techniques, and methodologies used to implement it
• Integrates specific skills and knowledge related to business strategy/execution, quantitative analysis, and technology tools
• Demonstrates the use of the industry’s most popular software tools for predictive analytics

Description

Learn everything you need to know to start using business analytics and integrating it throughout your organization. Business Analytics Principles, Concepts, and Applications brings together a complete, integrated package of knowledge for newcomers to the subject. The authors present an up-to-date view of what business analytics is, why it is so valuable, and most importantly, how it is used. They combine essential conceptual content with clear explanations of the tools, techniques, and methodologies actually used to implement modern business analytics initiatives.

They offer a proven step-wise approach to designing an analytics program, and successfully integrating it into your organization, so it effectively provides intelligence for competitive advantage in decision making.

Using step-by-step examples, the authors identify common challenges that can be addressed by business analytics, illustrate each type of analytics (descriptive, prescriptive, and predictive), and guide users in undertaking their own projects. Illustrating the real-world use of statistical, information systems, and management science methodologies, these examples help readers successfully apply the methods they are learning.

Unlike most competitive guides, this text demonstrates the use of IBM's menu-based SPSS software, permitting instructors to spend less time teaching software and more time focusing on business analytics itself.

A valuable resource for all beginning-to-intermediate-level business analysts and business analytics managers; for MBA/Masters' degree students in the field; and for advanced undergraduates majoring in statistics, applied mathematics, or engineering/operations research.

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Table of Contents

Preface     xvi
PART I:  WHAT ARE BUSINESS ANALYTICS     1
Chapter 1:  What Are Business Analytics?     3
1.1 Terminology     3
1.2 Business Analytics Process     7
1.3 Relationship of BA Process and Organization Decision-Making     10
1.4 Organization of This Book     12
Summary     13
Discussion Questions     13
References      14

PART II:  WHY ARE BUSINESS ANALYTICS IMPORTANT      15
Chapter 2:  Why Are Business Analytics Important?      17
2.1 Introduction      17
2.2 Why BA Is Important: Providing Answers to Questions      18
2.3 Why BA Is Important: Strategy for Competitive Advantage      20
2.4 Other Reasons Why BA Is Important      23
   2.4.1 Applied Reasons Why BA Is Important      23
   2.4.2 The Importance of BA with New Sources of Data     24
Summary     26
Discussion Questions      26
References     26
Chapter 3:  What Resource Considerations Are Important to
Support Business Analytics?      29
3.1 Introduction     29
3.2 Business Analytics Personnel     30
3.3 Business Analytics Data     33
   3.3.1 Categorizing Data     33
   3.3.2 Data Issues     35
3.4 Business Analytics Technology     36
Summary     41
Discussion Questions     41
References     42

PART III:  HOW CAN BUSINESS ANALYTICS BE APPLIED     43
Chapter 4:  How Do We Align Resources to Support Business Analytics within an Organization?     45
4.1 Organization Structures Aligning Business Analytics     45
   4.1.1 Organization Structures     46
   4.1.2 Teams     51
4.2 Management Issues     54
   4.2.1 Establishing an Information Policy     54
   4.2.2 Outsourcing Business Analytics     55
   4.2.3 Ensuring Data Quality     56
   4.2.4 Measuring Business Analytics Contribution     58
   4.2.5 Managing Change     58
Summary     60
Discussion Questions     61
References .    61
Chapter 5:  What Are Descriptive Analytics?     63
5.1 Introduction     63
5.2 Visualizing and Exploring Data     64
5.3 Descriptive Statistics     67
5.4 Sampling and Estimation     72
   5.4.1 Sampling Methods     73
   5.4.2 Sampling Estimation     76
5.5 Introduction to Probability Distributions     78
5.6 Marketing/Planning Case Study Example: Descriptive Analytics Step in the BA Process     80
   5.6.1 Case Study Background     81
   5.6.2 Descriptive Analytics Analysis     82
Summary     91
Discussion Questions     91
Problems     92
Chapter 6:  What