Better Business Decisions from Data

Better Business Decisions from Data

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Everyone encounters statistics on a daily basis. They are used in proposals, reports, requests, and advertisements, among others, to support assertions, opinions, and theories. Unless youa€™re a trained statistician, it can be bewildering. What are the numbers really saying or not saying? Better Business Decisions from Data: Statistical Analysis for Professional Success provides the answers to these questions and more. It will show you how to use statistical data to improve small, every-day management judgments as well as major business decisions with potentially serious consequences. Author Peter Kennya€”with deep experience in industrya€”believes that qwhile the methods of statistics can be complicated, the meaning of statistics is not.q He first outlines the ways in which we are frequently misled by statistical results, either because of our lack of understanding or because we are being misled intentionally. Then he offers sound approaches for understanding and assessing statistical data to make excellent decisions. Kenny assumes no prior knowledge of statistical techniques; he explains concepts simply and shows how the tools are used in various business situations. With the arrival of Big Data, statistical processing has taken on a new level of importance. Kenny lays a foundation for understanding the importance and value of Big Data, and then he shows how mined data can help you see your business in a new light and uncover opportunity. Among other things, this book covers: How statistics can help you assess the probability of a successful outcome How data is collected, sampled, and best interpreted How to make effective forecasts based on the data at hand How to spot the misuse or abuse of statistical evidence in advertisements, reports, and proposals How to commission a statistical analysis Arranged in seven partsa€”Uncertainties, Data, Samples, Comparisons, Relationships, Forecasts, and Big Dataa€”Better Business Decisions from Data is a guide for busy people in general management, finance, marketing, operations, and other business disciplines who run across statistics on a daily or weekly basis. Youa€™ll return to it again and again as new challenges emerge, making better decisions each time that boost your organizationa€™s fortunesa€”as well as your own. What youa€™ll learn How raw data are processed to obtain information, with known reliability, for the basis of decision making. What a statistical analysis can--and can't--do. Why certainty is illusive and how we can be misled by statistical results. The basics of probability, sampling, reliability, regression, distribution and other statistical techniques essential for decision making in all aspects of business. How to commission data gathering and processing in advance of big decisions Who this book is for The primary audience includes managers and professionals in business and industry who need to understand statistics to make or approve decisions, or to commission statistical investigations and assess their results. It's also for those who want to understand how statistics can be used to mislead or shroud the true facts. A secondary audience consists of students of disciplines that require some knowledge of statisticsa€”economics, finance, political science, physics, biology, and morea€”as well as general readers who simply wish to have a more informed view of the daily dose of statistics offered up by news organizations, advocacy groups, and the government, among others. Table of Contents The Scarcity of Certainty Sources of Uncertainty Probability Sampling The Raw Data Descriptive Data Numerical Data Levels of Significance General Procedure for Comparisons Comparisons with Numerical Data Comparisons with Descriptive Data Types of Error Cause and Effect Relationships with Numerical Data Relationships with Descriptive Data Multivariate Data Extrapolation Forecasting from Known Distributions Time Series Control Charts Reliability Data Mining Predictive Analytics Getting Involved with Big Data Concerns with Big DataReferences and Further ReadingImmediately before the purchase takes place, the shop assistant says that tomorrow there is a sale and the calculator will cost only $5. The shopper has ... Suppose my car does 25 miles per gallon of fuel and yours does 30 miles per gallon. You would be ... If the monthly interest rate on my credit card balance is 2 %, I need to know what this is equivalent to when expressed as an annual rate. A debt of Panbsp;...

Title:Better Business Decisions from Data
Author:Peter Kenny
Publisher:Apress - 2014-06-29


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