Essentials of Business Analytics

Essentials of Business Analytics

Michael J. Fry

Language: English

Pages: 696

ISBN: 128518727X

Format: PDF / Kindle (mobi) / ePub

This book provides coverage over the full range of analytics--descriptive, predictive, prescriptive--not covered by any other single book. It includes step-by-step instructions to help students learn how to use Excel and powerful but easy to use Excel add-ons such as XL Miner for data mining and Analytic Solver Platform for optimization and simulation.

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1120.1032 Coefficients Standard Error Regression Intercept –0.330229304 t Stat 0.167677925 –1.969426232 750.455757 P-value 0.04983651 5.7766E–138 Lower 99.0% Upper 99.0% –0.66022126 –0.000237349 –0.764941128 Lower 95% 0.104482519 0.067220302 0.00196142 34.27125147 4.7852E-105 0.063360208 0.071080397 0.062135243 0.072305362 Deliveries 0.67351584 0.023619993 28.51465081 6.74797E-87 0.627031441 0.720000239 0.612280051 0.734751629 Highway 0.9980033 0.076706582

improve its pricing decisions. The models have generated an estimated annual savings of $500 million.13 Figure 1.3 shows the Google Trends graph for Marketing, Financial, and HR Analytics. While interest in each of these three areas of business is increasing, the graph clearly shows the pronounced increase in the interest in marketing analytics. Health Care Analytics The use of analytics in health care is on the increase because of pressure to simultaneously control cost and provide more

action from a very large number of alternatives. In short, business analytics can help us make better informed decisions. There are three categories of analytics: descriptive, predictive, and prescriptive. Descriptive analytics describes what has happened and includes tools such as reports, data visualization, data dashboards, descriptive statistics, and some data-mining techniques. Predictive analytics consists of techniques that use past data to predict future events and include regression,

10,000 0 FIGURE 3.6 1 0 2 3 Month 4 5 6 COMBINED LINE CHART AND TABLE FOR MONTHLY COSTS AND REVENUES AT GOSSAMER INDUSTRIES 80,000 70,000 60,000 Revenues ($) Costs ($) 50,000 40,000 30,000 20,000 10,000 0 0 1 2 3 Month 4 5 6 2 3 4 5 6 Total 48,123 56,458 64,125 52,158 54,718 50,985 326,567 Revenues ($) 64,124 66,128 67,125 48,178 51,785 55,687 353,027 Costs ($) © Cengage Learning 2015 Month 1 Copyright 2013 Cengage Learning. All Rights Reserved. May not

expertise and patient history of thousands of doctors around the world? In 2007, a group of IBM computer scientists initiated a project to develop a new decision technology to help in answering these types of questions. That technology is called Watson, named after the founder of IBM, Thomas J. Watson. The team at IBM focused on one aim: how the vast amounts of data now available on the Internet can be used to make more data-driven, smarter decisions. Watson became a household name in 2011, when

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