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1) Introduction To Data Analysis For Managers

The document discusses advanced data analytics and decision making. It covers topics like data collection, probability, forecasting, and a webinar introduction. It provides learning outcomes and discusses the difference between data analysis and statistical analysis.

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minedata
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25 views9 pages

1) Introduction To Data Analysis For Managers

The document discusses advanced data analytics and decision making. It covers topics like data collection, probability, forecasting, and a webinar introduction. It provides learning outcomes and discusses the difference between data analysis and statistical analysis.

Uploaded by

minedata
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Advanced Data Analytics

& Decision Making

DBA Program Data


Collectio
n

Proba
bility
Foreca
sting
Webinar #1
Introduction to
Advanced Data Analytics &
Decision Making

Reference:
• Quantitative Analysis for Management, 10 th Ed
By Render, Stair and Hanna (ppt by Jeff Heyl)
Royalty-Free Photos: www.shutterstock.com
Learning Outcomes
At the end of this, students will be able to:

1. Understand what data analysis for business


management is about.
2. Explore statistics, its definition, and uses in data
analysis in management
3. Appreciate the application of quantitative data
analysis in practical situations.
4. Describe the use of modeling in quantitative
analysis.
5. Discuss possible problems in using quantitative
analysis.
6. Learn some important practical mathematical
operations.
One-Liners
• Statistics means never having to say you’re certain.
• Statistics is the art of never having to say you’re wrong.
• Variance is what any two statisticians are at.
• 97.3% of all statistics are made up.
• Smoking is a leading cause of statistics.
• 43% of all statistics are worthless.
• Are statisticians normal people?

Source: Hyndman, 2003


One-Liners

• A statistician is a person who draws a mathematically


precise line from an unwarranted assumption to a foregone
conclusion.
• A statistician can have his head in an oven and his feet in
ice, and he will say that on the average he feels fine.
• 80% of all statistics quoted to prove a point are made up on
the spot.
• Fett’s Law: Never replicate a successful experiment. Pr
Data
Coll
ecti
on

o
b
F
a or
b
i
ec
Source: Hyndman, 2003 l as
i
t
ti
y n
g
Introduction

 Mathematical & statistical tools have


been used for thousands of years
 Quantitative analysis can be applied to
a wide variety of problems
 It’s not enough to just know the
mathematics of a technique
 One must understand the specific
applicability of the technique, its
limitations, and its assumptions
Data analysis vs. statistical analysis

 In the world of business intelligence, it’s


not uncommon to confuse statistical
analysis and data analysis to solve various
problems that an organization may
experience.
 However, the data analytics tools and
overall process have key differences when
compared to the common types of
statistical analysis.
Data analysis vs. statistical analysis

 Statistical analysis applies specific


statistical methods to a sample of data to
have an understanding of the total
population.
 It allows for conclusions to be drawn about
specific markets, cohorts, and a general
grouping to potentially predict the behavior
and characteristics of others.
Data analysis vs. statistical analysis

 Data analysis is the process of inspecting and


cleaning all available data and transforming it
into useful information that can be understood
by non-technical individuals.
 This is crucial when you consider that data can
be meaningless if it isn’t understood by those
who make decisions.

 Data analysis can be used as an input


to perform statistical analysis, as data from
varying sources can be combined as a way to
carry out the statistical process.

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