Data Analytics for Managerial Decision Making

Designed for managers with limited exposure to analytics, this one-day session describes, at a managerial level, the use of descriptive, predictive and prescriptive analytics to solve business problems, improve organizational decision making and develop opportunities for growth.

Takeaways

• Understand what analytics is, how it is applied across diverse industries, and how it can be applied to your own organization
• Learn how analytics can generate new business insights and opportunities
• See how analytics can mitigate risk, uncertainty and process variability
• Identify challenges in developing analytics strategies
• Experience how spreadsheet models can help solve challenging decisions

Program content

You will gain hands-on experience with the real-world capabilities of business analytics using easy-to-apply Excel examples.

• How analytics is transforming organizational decision making and innovation, pitfalls and payoffs for business
• Descriptive analytics: understanding what data to collect and what it is telling you, data visualization techniques to envision important factors and relationships, quantifying your data, data variability, dealing with limited data
• Predictive analytics: foreseeing what is likely to occur based on what has happened in the past, mining your data to predict customer demand and preferences, strategies and tactics for deploying predictive analytics initiatives
• Prescriptive analytics: understanding your data to make better decisions, “what if” scenario analysis, minimizing pitfalls such as process variability and the “flaw of averages”, outcome optimization
• Best-in-practice analytics methods: analytics best practices, implementation challenges, getting started with analytics methods that can be applied to your organization