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Analytics at Work by Mind Map: Analytics at Work
0.0 stars - reviews range from 0 to 5

Analytics at Work

Basic Info

Davenport, Thomas H.

Harris, Jeanne G.

Morison, Robert

Amazon Link

1) What It Means to Put Analytics to Work

Benefits of being analytical

Help manage and steer the business in turbulent time

Know what's really working

Leverage previous investments in IT and information, more insight, faster execution, more business value in many processes

Cut costs / improve efficiency

Manage risk

Anticipate changes in market conditions

Have a basis for improving decisions over time

analytical

use of analysis, data, and systematic reasoning to make decisions

key questions

dimensions, Time frame, past, present, future, Innovation, information, insight

questions (Fig1-1, p7), What happened?, past, information, Reporting, How and why did it happen?, past, insight, Modeling, experimental design, What is happening now?, present, information, Alerts, What's the next best action?, Present, Insight, Recommendations, What will happen?, Future, Information, Extrapolation, What's the best/worst that can happen?, future, insight, prediction, optimization, simulation

where apply analytics

customer relationship management

supply chain

operations

human resources

performance management

finance and accounting

other

analytics not practical

no time

no precedent

history is misleading

decision maker has considerable expertise

variables can't be measured

decision making errors

Logic, not asking right questions, incorrect assumptions / not testing assumptions, use analytics to "justify" rather than let facts guide, fail to take time to understand alternatives, fail to interpret data correctly

Process, make careless mistakes, fail to consider analysis and insights in decisions, fail to consider alternatives, use incorrect / insufficient decision-making criteria, gather data or completing analysis to late to be of use, postponing decision because of data or analysis dissatisfaction

Quotes

The unexamined life isn't worth living - Socrates

The unexamined decision isn't worth making. -Davenport/Harris p2

Five Stage Model of Analytics

1: Analytically Impaired

2: Localized Analytics

3: Analytical Aspirations

4. Analytical Companies

5. Analytical Competitors