The use of business analytics is now so much steeped within most organizations, that managers can no longer afford to not know about it. Some concepts have been identified which even non-data or analytics experts must have some idea about. It starts with randomized controlled experiments. One needs to be proficient at data warehousing to get this started. Another such tool is A/B Testing which is considered as almost necessary in the research process. Regression analysis is the next, with the linear method being the most commonly applied one. There exist detailed and easy-to-use statistics programmes to conduct such analysis. The last one is statistical significance. This is the art of understanding what stat is truly important and what kind of data to use to gauge authentic business insights. All this and much more has been described in the book Data Driven: Profiting from tour most Important Business Assetwritten by Tom Redman.

Source:https://hbr.org/2018/10/4-analytics-concepts-every-manager-should-understand

Uploaded Date:06 November 2018