- Hardcover: 520 pages
- Publisher: Wiley; 1 edition (October 25, 2011)
- Language: English
- ISBN-10: 0470619600
- ISBN-13: 978-0470619605
- Product Dimensions: 7.4 x 1.2 x 10.3 inches
- Shipping Weight: 2.5 pounds (View shipping rates and policies)
- Average Customer Review: 9 customer reviews
- Amazon Best Sellers Rank: #1,217,563 in Books (See Top 100 in Books)
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Data Driven Business Decisions 1st Edition
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From the Back Cover
A hands-on guide to the use of quantitative methods and softwarefor making successful business decisions
The appropriate use of quantitative methods lies at the core ofsuccessful decisions made by managers, researchers, and students inthe field of business. Providing a framework for the development ofsound judgment and the ability to utilize quantitative andqualitative approaches, Data Driven Business Decisions introducesreaders to the important role that data plays in understandingbusiness outcomes, addressing four general areas that managers needto know about: data handling and Microsoft Excel®,uncertainty, the relationship between inputs and outputs, andcomplex decisions with trade-offs and uncertainty.
Grounded in the author's own classroom approach to businessstatistics, the book reveals how to use data to understand thedrivers of business outcomes, which in turn allows for data-drivenbusiness decisions. A basic, non-mathematical foundation instatistics is provided, outlining for readers the tools needed tolink data with business decisions; account for uncertainty in theactions of others and in patterns revealed by data; handle data inExcel®; translate their analysis into simple business terms;and present results in simple tables and charts. The authordiscusses key data analytic frameworks, such as decision trees andmultiple regression, and also explores additional topics,including:
Use of the Excel® functions Solver and Goal Seek
Partial correlation and auto-correlation
Interactions and proportional variation in regression models
Seasonal adjustment and what it reveals
Basic portfolio theory as an introduction to correlations
Chapters are introduced with case studies that integrate simpleideas into the larger business context, and are followed by furtherdetails, raw data, and motivating insights. Algebraic notation isused only when necessary, and throughout the book, the authorutilizes real-world examples from diverse areas such as marketsurveys, finance, economics, and business ethics. Excel®add-ins StatproGo and TreePlan are showcased to demonstrateexecution of the techniques, and a related website featuresextensive programming instructions as well as insights, data sets,and solutions to problems included in the material. The enclosed CDcontains the complete book in electronic format, including allpresented data, supplemental material on the discussed case files,and links to exercises and solutions.
Data Driven Business Decisions is an excellent book for MBAquantitative analysis courses or undergraduate general statisticscourses. It also serves as a valuable reference for practicing MBAsand practitioners in the fields of statistics, business, andfinance.
About the Author
CHRIS J. LLOYD, PhD, is Associate Dean of Research and Professor of Business Statistics in the Melbourne Business School at The University of Melbourne, Australia. Professor Lloyd has extensive international academic and consulting experience in the fields of statistics, data analysis, and market research within both academic and business environments. He has written more than 100 research articles in the areas of categorical data and is the author of Statistical Analysis of Categorical Data, also published by Wiley.
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This is an excellent text for a class on data analysis using software. I didn't find it "horribly organized" or "confusing" as one did.
The author seemed astute and able to teach concepts in a way that most students could comprehend... which is why I liked it. This is basically a book on applied business statistics, so some students will not come to the subject as well prepared as others. I found the book very capably taught the concepts. The author reveals how to use data to understand business outcomes as well as the things that drive business decisions. A well thought out foundation in statistics is provided the less-prepared student.
Covered also in this book are the tools needed to link data with business decisions; account for uncertainty in the actions of others and in patterns given by data; utilize data within Excel; and present results in simple tables and charts. The author discusses key data analytic frameworks, such as decision trees and multiple regression, and the use of the Excel functions Solver and Goal Seek; Partial correlations, Proportional variation in regression analysis, as well as basic portfolio theory as it relates to correlations.
I liked that chapters are introduced with case studies that integrate simple ideas into the more complex business context, and are followed by further details, raw data, and motivating insights. The book is surprisingly light with mathematical notation (which might be a detriment to some), but rather focuses on concepts and real world examples.
Note that the Excel add-ins "StatproGo" and "TreePlan" are used to demonstrate execution of techniques used. There is a website featuring extensive programming instructions as well as solutions to problems included in the material. I did not check for accuracy of the problems or solutions. It is very handy that the CD that is included contains the complete book in electronic format, including all presented data and discussed case files, and exercises and solutions.
Very nicely done.
Certainly worth it if your job involves a lot of data that you have to analyze and crunch. However, as an introductory read to business statistics this book will leave you wanting more and may not help clear up the confusion.
It is a textbook designed for use on MBA courses which probably explains the price.
I have studied this subject in the past and I was pretty impressed with this book. It is generally easy to follow.
It comes with a CD which contains plenty of spreadsheets and also an excel add-in that can be used for statistical analysis. As far as I can tell the book seems accurate.
At the end of each chapter there are a few questions with the answers being contained on the CD. I think that this an excellent method to ensure that you have actually understood what you have read and it also really helps you to retain knowledge.
I am not a statistician by any means, but this book has business-related examples and exercises, which spoke to me and I believe would speak to business students more than random examples (e.g. dice rolling, election results). I would definitely recommend this book, but would warn that students might benefit from an introduction to stats prior to this textbook.