Data Analytics for Managerial Decision Making

Objectives:
• Understand the role of data analytics in managerial decision making
• Learn how to apply data analytical methods to real-world business problems
• Develop skills to interpret and critically assess statistical evidence
• Integrate data-driven insights into management decision processes
Course Content:
Introduction to Data Analytics in Management
• The quantitative landscape in management
• Thinking statistically about applications in management (identifying KPIs)
• The integrative elements of data analytics
• Data: The raw material of data analytics (types, quality and data preparation)
Exploratory Data Analysis
• Exploratory data analysis using Excel (pivot tables)
• Using summary tables and visual displays to profile sample data
• Numeric descriptors to profile numeric sample data
• Central and non-central location measures
• Quantifying dispersion in sample data
• Examining the distribution of numeric measures (skewness and bimodal)
• Exploring relationships between numeric descriptors
• Breakdown analysis of numeric measures
Statistical Decision Making
• The foundations of statistical inference
• Quantifying uncertainty in data – the normal probability distribution
• The importance of sampling in inferential analysis
• Sampling methods (random-based sampling techniques)
• Understanding the sampling distribution concept
• Confidence interval estimation
• The rationale of hypotheses testing
• The hypothesis testing process and types of errors
• Single population tests (tests for a single mean)
• Two independent population tests of means
• Matched pairs test scenarios
• Comparing means across multiple populations
Predictive Decision Making
• Exploiting statistical relationships to build prediction-based models
• Model building using regression analysis
• Model building process – the rationale and evaluation of regression models
• Data mining overview – its evolution
• Descriptive data mining – applications in management
• Predictive (goal-directed) data mining – management applications
Who should attend:
• Professionals in management support roles
• Analysts who regularly encounter data and analytical information in their work
• Those seeking to derive greater decision-making value from data analytics

Methodology
The training methodology integrates lectures, interactive discussions, collaborative group exercises, and illustrative examples. Participants will acquire a blend of theoretical insights and hands-on practical experience, emphasizing the application of learned techniques. This approach ensures that attendees return to their professional environments equipped with both the competence and self-assurance to effectively implement the acquired skills in their responsibilities
.

DATE:
1ST BATCH: 18th – 21st Feb, 2025
2ND BATCH: 29th July – 1st Aug, 2025