Lagos Business School

Smart Business Decision - the Power of Data Analysis

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About the course

In the unfolding competitive global economy, companies face the challenge of evolving strategies and practices to compete effectively. With the increasing trend of economic globalization with the attendant high level of business uncertainties, organizations are now faced with the challenge of coming up with high quality decision making systems. A generally acknowledged challenge in Nigeria is the lack of reliable sources of information for decision makers. This inadequacy provides a compelling reason for organizations to evolve efficient and effective strategies to source and use data to generate information for high quality decision making.

This seminar provides participants with an opportunity to acquire the necessary skills to enable the serve as catalysts for high quality fact-driven decision making. A good understanding of the business environment under which a firm operates is a necessary condition for evolving and implementing effective strategic initiatives in any enterprise. As a general management seminar, Smart Business Decisions: the Power of Data Analysis seminar will enhance managers' ability to make intelligent decisions in the presence of uncertainty. It introduces decision-making best practices to managers ranging from simple descriptive analysis, associative analysis, to business intelligence. It provides a good understanding of the techniques required to plan and execute business various types of data studies.

Programme Curriculum

Business Decisions and the Statistical Process

  • Business Uncertainties and Decision Making Process
  • Statistical Process and Description of Data
  • Graphical Exploration of Data
  • Use of Software for Data Analysis
  • Ethical Considerations in Data Analysis
  • Measures of Business Profitability

Date Looking Beyond the Obvious

  • Sampling and Data Collection
  • Comparing Groups
  • Statistical inferences and Testing of Hypotheses
  • Correlation and Simple Linear Regression

Associative and Predictive Analysis

  • Model Building: Multiple Linear Regression
  • Demand Forecasting
  • Data Mining and Business Intelligence

Planning and Executing Data Studies

  • Design of Business Studies
  • Conjoint Analysis
  • Preparation and Effective Presentation of Reports

Applications

  • Market Research Process

Key Learning Outcomes/Takeaways

  • An appreciation of the impact of uncertainties on business.
  • An understanding of the role of data and information on business performance.
  • Strategies for effective and efficient managerial decision making process.
  • Knowledge of how to design, plan and execute data studies to answer specific business questions.
  • Ability to improve managerial decision making by incorporating associative and predictive business analysis.
  • An understanding of market analysis and customer satisfaction studies.
  • Knowledge of how to integrate customer data mining and business intelligence.

Who should attend

  • Middle to senior-level managers in both private and public sector organisations whose roles require a good understanding of data-driven decision making.
  • Business analysts and strategy advisors whose job is to source and analyze business data and recommend the best available options to enhance the performance of their organization.
  • Marketing and product team leads who would like to learn about how best to read market trend and use it to drive business operations.

Trust the experts

Bongo Adi

He led various collaborations on research, case studies and stakeholder engagement with various government agencies including ICRC, NERC and several ministries involved in PPPs. He has over 15 years experience in teaching, policy research, and consulting. As an assistant professor, he has lectur...

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Tayo Otubanjo

Dr. Tayo Otubanjo is a senior lecturer at Lagos Business School. He facilitates full-time and executive MBA modules in marketing management. He is a Visiting Research Fellow at Warwick Business School, University of Warwick (UK) and a Visiting Scholar at Spears School of Business, Oklahoma State ...

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Obinna Muogboh

Dr Muogboh, initially joined LBS faculty in 2003 and served as a faculty member and the pioneer Director of the Doctorate programme. He taught sessions in the area of Operations Management, Project Management and Data Analysis. Prior to joining LBS in 2003, he worked as a researcher at the Automa...

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Ikechukwu ​Kelikume

Ikechukwu Kelikume is currently a doctoral student of the Swiss University of Economics (SMC University, Switzerland) and leads sessions in microeconomic and macroeconomic environment of business at Lagos Business School. Ike undertakes research and consults in areas which include macroeconomic ...

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Olayinka ​David-West

Dr David-West is an information systems (IS) professional with over two decades experience in the Nigerian IT industry. With a passion for the effective use of IT in business, Dr David-West not only makes IT understandable, but assists organisations seeking business value from information and re...

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