You probably know by now that whenever possible you should be making data-driven decisions at work. But do you know how to parse through all of the data available to you? The good news is that you likely don’t have to do the number crunching yourself (hallelujah!) but you do need to correctly understand and interpret the analysis created by your colleagues. One of the … [ Read more ]
If you’re a manager working with the analysts in your organization to make more data-driven business decisions, asking good questions should be one of your top priorities. Many managers fear that asking questions will make them appear unintelligent about quantitative matters. However, if you ask the right kinds of questions, you can both appear knowledgeable and advance the likelihood of a good decision outcome.
We’re awash in data. Here’s how to make yours matter.
When this regular Ivey Business Journal contributor recommends a certain book, executives can be assured that they will derive value from the book. Even if it is a black swan.
Predictive analytics is emerging as a practical discipline, one that can help business leaders make better decisions. In a world whose complexity in many respects has moved beyond our cognitive abilities, numbers are nothing to fear. In fact, they may be your greatest ally.
Why are business and economic forecasts so often wrong, and why can’t they be improved? In a new feature from s+b — Author’s Choice — leading writers select and introduce passages from notable books. In this piece, Nassim Nicholas Taleb, author of The Black Swan: The Impact of the Highly Improbable, introduces an engaging lesson in business forecasting from Dance with Chance: Making Luck Work … [ Read more ]
Simulations study the interaction of random variables in a business process over time – how many customers might walk in the door at any moment, the return on an upcoming advertising campaign, the chance of your information system going down – and use the results to improve business policies. This article provides an overview of simulation and shows how it’s particularly useful for learning about … [ Read more ]
Do statistics tell the entire story? Managers must make effective use of the numbers they generate. Here are five tips to help ensure that you can rely on the numbers.
Keep this link on hand for the ultimate list of statistical calculators. The site features good basic sample size calculators as well as calculators for more advanced research methodologies (see Power Calculators or Correlation and Regression Calculators). Remember that market testing and research are at the heart of good marketing ROI practices. The more insight you can gain into what marketing activities, campaigns, offers and … [ Read more ]
Step one is connecting the seat of the intellect to the seat of the pants.
Editor’s Note: a useful look at the “flaw of averages” and approaches for modeling uncertainty (e.g Monte Carlo simulation, etc.)