Fundamentals Of Business Analytics PDF

POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS FUNDAMENTALS OF BUSINESS ANALYTICS CAMPUS  POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPU...

POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS FUNDAMENTALS OF BUSINESS ANALYTICS CAMPUS  POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS DATA INTERPRETATION AND PRESENTATION  POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS LESSON OBJECTIVE: After the successful completion of this lesson, you should be able to: Grasp the significance of effectively interpreting data and presenting insights to inform decision-making. Learn strategies to analyze and interpret data, uncovering meaningful patterns and trends  POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS LESSON OBJECTIVE: After the successful completion of this lesson, you should be able to: Understand how to synthesize complex data into clear, actionable insights that address business challenges. Explore the art of creating compelling data visualizations to communicate insights efficiently and intuitively.  POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS LESSON OBJECTIVE: After the successful completion of this lesson, you should be able to: Learn techniques for presenting data-driven insights to various audiences, tailoring the message to their needs. Understand the importance of ethical considerations when interpreting and presenting data, ensuring accuracy and transparency.  POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS UNDERSTANDING DATA INTERPRETATION POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS DATA INTERPRETATION Data interpretation refers to the process of using diverse analytical methods to review data and arrive at relevant conclusions. This helps researchers to categorize, manipulate, and summarize the information in order to answer critical questions. POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS DATA INTERPRETATION Data interpretation involves: Data identification and explanation Comparing and contrasting data Identification of data outliers Future predictions  DATA INTERPRETATION Better-Informed Decision Accuracy and Objectivity Making  DATA INTERPRETATION Identifying Trends and Resource Optimization Patterns  DATA INTERPRETATION Risk Management Innovation and Growth  DATA INTERPRETATION Accountability and Continuous Improvement Transparency  DATA INTERPRETATION Strategic Planning Enhanced Communication  POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS STRATEGIES IN DATA ANALYSIS & INTERPRETATION POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS QUANTITATIVE DATA INTERPRETATION Used in numerical data (ratio and interval data) Involves the use of statistical methods (descriptive and inferential statistics) Measured by visually presenting correlation tests between two or more variables of significance  POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS SYNTHESIZING COMPLEX DATA INTO INSIGHTS  POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS PHASES OF TRANSFORMING DATA FROM “DATA” TO “INSIGHTS” Data Information Understanding Insights  POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS STORYTELLING WITH DATA STORYTELLING WITH DATA Understand the context. Choose an appropriate display. Eliminate clutter. Draw attention where you want it. Think like a designer. Tell a story. POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS STORYTELLING WITH DATA Understand the context. Choose an appropriate display. Eliminate clutter. Draw attention where you want it. Think like a designer. Tell a story. POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS UNDERSTANDING THE CONTEXT Identify a specific audience and what they need to know or do. Determine the data to use in illustrating the case. Craft the BIG IDEA. POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS UNDERSTANDING THE CONTEXT Assumption: We work for a startup that has created a consumer product POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS UNDERSTANDING THE CONTEXT Considerations in the decision-making process: How competitors' retail prices for products have changed over time POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS UNDERSTANDING THE CONTEXT Observation: “Price has declined for all products on the market since the launch of Product C in 2010.” POLYTECHNIC UNIVERSITY OF THE PHILIPPINES - TAGUIG CAMPUS Observation: “Price has declined for all products on the market since the launch of Product C in 2010.” POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS UNDERSTANDING THE CONTEXT Assumption: Who: VP of Product, the primary decision maker in establishing our product’s price. What: Understand how competitors’ pricing has changed over time and recommend a price range. How: Show average retail price over time for Products A, B, C, D, and E POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS UNDERSTANDING THE CONTEXT Big Idea: Based on analysis of pricing in the market over time, to be competitive, we recommend introducing our product at a retail price in the range $ABC–$XYZ. POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS STORYTELLING WITH DATA Understand the context. Choose an appropriate display. Eliminate clutter. Draw attention where you want it. Think like a designer. Tell a story. POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS CHOOSING AN APPROPRIATE DISPLAY We are most interested in: Trend in price over time for each product POLYTECHNIC UNIVERSITY OF THE PHILIPPINES - TAGUIG CAMPUS STORYTELLING WITH DATA Understand the context. Choose an appropriate display. Eliminate clutter. Draw attention where you want it. Think like a designer. Tell a story. ELIMINATE CLUTTER Clean unnecessary elements: De-emphasize the chart title. Remove chart border and gridlines. Push the x-axis and y-axis lines and labels to the background by making them grey. Remove the variance in colors between the various lines. We can use color more strategically. Label the lines directly. POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS STORYTELLING WITH DATA Understand the context. Choose an appropriate display. Eliminate clutter. Draw attention where you want it. Think like a designer. Tell a story. POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS DRAW ATTENTION WHERE YOU WANT YOUR AUDIENCE TO FOCUS Initial headline to consider: “Price has declined for all products on the market since the launch of Product C in 2010.” POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS DRAW ATTENTION WHERE YOU WANT YOUR AUDIENCE TO FOCUS Modification “After the launch of Product C in 2010, the average retail price of existing products declined.” POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS DRAW ATTENTION WHERE YOU WANT YOUR AUDIENCE TO FOCUS Observation: “With the launch of a new product in this space, it is typical to see an initial average retail price increase, followed by a decline.” POLYTECHNIC UNIVERSITY OF THE PHILIPPINES - TAGUIG CAMPUS POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS DRAW ATTENTION WHERE YOU WANT YOUR AUDIENCE TO FOCUS Observation: “As of 2014, retail prices have converged across products, with an average retail price of $223, ranging from a low of $180 (Product C) to a high of $260 (Product A).” POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS STORYTELLING WITH DATA Understand the context. Choose an appropriate display. Eliminate clutter. Draw attention where you want it. Think like a designer. Tell a story. POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS THINK LIKE A DESIGNER Form - Choosing a visual display Function - Allows the audience to do what we need them to do with ease POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS THINK LIKE A DESIGNER Make the visual accessible with text. Use simpler text in the graph title and capitalize only the first word to make it easier to comprehend and quicker to read. Add axis titles to both the vertical and horizontal axes. Align elements to improve aesthetics. Upper-left-most align the graph title. Align the y-axis title vertically with the uppermost label and the x-axis title horizontally with the left-most label. POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS STORYTELLING WITH DATA Understand the context. Choose an appropriate display. Eliminate clutter. Draw attention where you want it. Think like a designer. Tell a story. POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS TELL A STORY Agenda: Competitive Landscape Pricing POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS TELL A STORY Start talking point: Tell the audience the structure we would follow: “As you all know, there are five products that will be our key competition in the marketplace.” POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS TELL A STORY Build the chronological pricing path that those products followed. Introduce the tension in the competitive landscape when Products C, D, and E significantly undercut existing price points at their respective launches. POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS TELL A STORY Restore a sense of balance as the prices converge. POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS TELL A STORY End with a clear call to action: the recommendation for pricing our product. POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS  POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS ETHICAL CONSIDERATIONS POLYTECHNIC UNIVERSITY OF THE PHILIPPINES - TAGUIG CAMPUS POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS ETHICAL CONSIDERATIONS IN DATA INTERPRETATION AND PRESENTATION Privacy and confidentiality Informed consent Bias and Fairness Accuracy and Truthfulness Transparency Responsible Use of Data POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS ETHICAL CONSIDERATIONS IN DATA INTERPRETATION AND PRESENTATION Respect for Stakeholders Cultural Sensitivity Data Ownership and Rights Avoiding Harm Long-Term Implications Accountability and Responsibility POLYTECHNIC UNIVERSITY OF THE PHILIPPINES - TAGUIG BRANCH POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Campuses TAGUIG CAMPUS THANK YOU!