Week 1 – Science of Analytics
Intro
Business capture moments of transactions to deliver economic value
What is analytics?
o Information that lets us understand and make predications about an organization
o The process of developing actionable decisions by insights from data
Data models in business analytics
o Descriptive o Explanatory o Predictive o Prescriptive
Decision making biases o Heuristics
Week 1 Lecture A: What is Analytics?
Analytics—The process of developing actionable decisions or recommendations for actions based on
insights generated from historical data
o INFORMS definition: The combo. of IT and statistics o Examples:
Who are our customer?
How frequently do they shop at our location?
What strategy should we implement...?
Principles of Problem Framing
Tell an interesting and complete story
Find an appropriate solution framework
o Once the question is determined, we need to break the problem down into pieces Routinize the
procedure
o Build a system (codes, macros, programs) Analytics: An Agile Approach
Analytics as a process
(1) Perform business discovery
(2) Perform data discovery
(3) Model data
(4) Deploy and score the model
(5) Evaluate and improve
(6) Repeat
The Evolution of Sports Analytics - Video
o The Sportsview Camera records video and data which are put on around courts and
arenas
o The goal is to learn from their team’s movement
o Wearable tech can be worn while collecting data
Powered by TCPDF (www.tcpdf.org)
