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What It Means to Put Analytics to Work by Mind Map: What It Means to Put Analytics to Work
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What It Means to Put Analytics to Work

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Main map

Amazon link

Gut Feel

40% of major decisions are based not on facts, but on the manager's gut.

Quotes

The unexamined life isn't worth living. - Socrates

The unexamined decision isn't work making. - authors

Statistics are often used as a drunken man uses a lamppost -- for support rather than illumination. - Andrew Lang

Benefits of Being Analytical (p. 3)

Help manage and steer the business in turbulent times.

Know what's really working.

Leverage previous investments in IT and information to get...

Cut costs and improve efficiency

Manage risk

Anticipate changes in market conditions

Have a basis for improving decisions over time

Being Analytical

defined: the use of analysis, data, and systematic reasoning to make decisions

key is to be thinking how to become more analytical and fact based in decision making and to use the appropriate level of analysis for the decision at hand (p. 4)

Key Questions addressed by analytics

Great chart (p. 7)

dimensions

questions addresses

Where to Analytics Apply?

customer relationships

supply chain and operations

human resources

finance and accounting

When are Analytics Not Practical?

When there's no time

When there's no precedent

When history is misleading

When the decision maker has considerable experience

When the variables can't be measured

Typical Decision-Making Errors

Logic Errors

Process Errors