Cover image for Getting started with business analytics : insightful decision-making
Title:
Getting started with business analytics : insightful decision-making
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Series:
Chapman & Hall/CRC machine learning & pattern recognition series
Publication Information:
Boca Raton, FL : CRC Press, 2013
Physical Description:
xiv, 176 p. : ill. ; 26 cm.
ISBN:
9781439896532
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35000000002444 HD30.23 H375 2013 Open Access Book Book
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Summary

Summary

Assuming no prior knowledge or technical skills, Getting Started with Business Analytics: Insightful Decision-Making explores the contents, capabilities, and applications of business analytics. It bridges the worlds of business and statistics and describes business analytics from a non-commercial standpoint. The authors demystify the main concepts and terminologies and give many examples of real-world applications.

The first part of the book introduces business data and recent technologies that have promoted fact-based decision-making. The authors look at how business intelligence differs from business analytics. They also discuss the main components of a business analytics application and the various requirements for integrating business with analytics.

The second part presents the technologies underlying business analytics: data mining and data analytics. The book helps you understand the key concepts and ideas behind data mining and shows how data mining has expanded into data analytics when considering new types of data such as network and text data.

The third part explores business analytics in depth, covering customer, social, and operational analytics. Each chapter in this part incorporates hands-on projects based on publicly available data.

Helping you make sound decisions based on hard data, this self-contained guide provides an integrated framework for data mining in business analytics. It takes you on a journey through this data-rich world, showing you how to deploy business analytics solutions in your organization.


Author Notes

David R. Hardoon is head of analytics at SAS Singapore, where he is responsible for the positioning of business analytics capabilities and solutions to customers across different business sectors. Dr. Hardoon is also an adjunct faculty member in the School of Information Systems at Singapore Management University and an honorary senior research associate in the Centre for Computational Statistics and Machine Learning at University College London. His research interests include developing and applying computational analytical models for business knowledge discovery and analysis in areas such as taxonomy, neuroscience, aerospace, and finance. He earned a PhD in computer science in the field of machine learning from the University of Southampton.

Galit Shmueli is a SRITNE chaired professor of data analytics and associate professor of statistics and information systems at the Indian School of Business. She is the author of 70 journal articles, references, textbooks, and book chapters in statistics, management, information systems, and marketing. Her research and teaching focus on statistical and data mining methods for contemporary data and applications in information systems and healthcare. She earned a PhD in statistics from the Israel Institute of Technology.


Reviews 1

Choice Review

Hardoon (head of analytics, SAS Singapore; adjunct faculty, Singapore Management Univ.) and Shmueli (data analytics, Indian School of Business, India) have written an interesting "how to get started" book about a contemporary and challenging development in business. The authors guide the reader into the world of business analytics. They do so without involving the reader in the mathematical and statistical underpinnings that underlie business analytics. Instead they try to explain and demystify the main concepts and terminologies and provide many examples of real-world applications. Part 1 offers a general introduction to business analytics, which supports fact-based decision making. Part 2 covers the basics of data mining and data analytics. Part 3 examines three main areas of business analytics: customer analytics, social analytics, and operational analytics. Since this is a starter text, no reader will understand all the complexities associated with any of the main areas. However, the chapters provide a good basis for readers to pursue further study of these areas. In addition, chapters in part 3 end with suggested projects using publicly available data. This timely, accessible book is relevant to students, managers, analysts, executives, consultants, and the general public. Summing Up: Recommended. Business collections at all levels. E. J. Szewczak Canisius College


Table of Contents

Forewordp. ix
Prefacep. xi
Acknowledgmentsp. xiii
I Introduction to Business Analyticsp. 1
1 The Paradigm Shiftp. 3
1.1 From Data to Insightp. 4
1.2 From Business Intelligence to Business Analyticsp. 7
1.3 Levels of "Intelligence"p. 13
2 The Business Analytics Cyclep. 17
2.2 Objectivep. 18
2.2 Datap. 19
2.3 Analytic Tools and Methodsp. 22
2.4 Implementationp. 22
2.5 Guiding Questionsp. 24
2.6 Requirements for Integrating Business Analyticsp. 26
2.7 Common Questionsp. 31
II Date Mining and Data Analyticsp. 39
3 Date Mining in a Nutshellp. 41
3.2 What Is Data Mining?p. 41
3.2 Predictive Analyticsp. 42
3.3 Forecastingp. 64
3.4 Optimizationp. 68
3.5 Simulationp. 75
4 From Date Mining to Data Analyticsp. 83
4.1 Network Analyticsp. 83
4.2 Text Analyticsp. 86
III Business Analyticsp. 103
5 Customer Analyticsp. 105
5.1 "Know Thy Customer"p. 110
5.2 Targeting Customersp. 117
5.3 Project Suggestionsp. 125
6 Social Analyticsp. 129
6.1 Customer Satisfactionp. 130
6.2 Mining Online Buzzp. 135
6.3 Project Suggestionsp. 142
7 Operational Analyticsp. 147
7.1 Inventory Managementp. 147
7.2 Marketing Optimizationp. 151
7.3 Predictive Maintenancep. 153
7.4 Human Resources & Workforce Managementp. 157
7.5 Project Suggestionsp. 159
Epiloguep. 163
Bibliographyp. 165
Indexp. 167