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Data-Driven Business Decisions Hardcover – 7 October 2011

by Chris J. Lloyd (Author)
3.7 out of 5 stars 21
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A hands-on guide to the use of quantitative methods and software for making successful business decisions

The appropriate use of quantitative methods lies at the core of successful decisions made by managers, researchers, and students in the field of business. Providing a framework for the development of sound judgment and the ability to utilize quantitative and qualitative approaches, Data Driven Business Decisions introduces readers to the important role that data plays in understanding business outcomes, addressing four general areas that managers need to know about: data handling and Microsoft Excel, uncertainty, the relationship between inputs and outputs, and complex decisions with trade-offs and uncertainty.

Grounded in the author's own classroom approach to business statistics, the book reveals how to use data to understand the drivers of business outcomes, which in turn allows for data-driven business decisions. A basic, non-mathematical foundation in statistics is provided, outlining for readers the tools needed to link data with business decisions; account for uncertainty in the actions of others and in patterns revealed by data; handle data in Excel; translate their analysis into simple business terms; and present results in simple tables and charts. The author discusses key data analytic frameworks, such as decision trees and multiple 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 simple ideas into the larger business context, and are followed by further details, raw data, and motivating insights. Algebraic notation is used only when necessary, and throughout the book, the author utilizes real-world examples from diverse areas such as market surveys, finance, economics, and business ethics. Excel® add-ins StatproGo and TreePlan are showcased to demonstrate execution of the techniques, and a related website features extensive programming instructions as well as insights, data sets, and solutions to problems included in the material.

Data Driven Business Decisions is an excellent book for MBA quantitative analysis courses or undergraduate general statistics courses. It also serves as a valuable reference for practicing MBAs and practitioners in the fields of statistics, business, and finance.

Previous page
  1. Print length
    512 pages
  2. Language
    English
  3. Publisher
    Wiley
  4. Publication date
    7 October 2011
  5. Dimensions
    17.78 x 3.43 x 25.4 cm
  6. ISBN-10
    0470619600
  7. ISBN-13
    978-0470619605
  8. See all details
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Product description

From the Publisher

CHRIS J. LLOYD, PD, 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.

From the Inside Flap

A hands-on guide to the use of quantitative methods and software for making successful business decisions

The appropriate use of quantitative methods lies at the core of successful decisions made by managers, researchers, and students in the field of business. Providing a framework for the development of sound judgment and the ability to utilize quantitative and qualitative approaches, Data-Driven Business Decisions introduces readers to the important role that data plays in understanding business outcomes, addressing four general areas that managers need to know about: data handling and Microsoft Excel®, uncertainty, the relationship between inputs and outputs, and complex decisions with trade-offs and uncertainty.

Grounded in the author's own classroom approach to business statistics, the book reveals how to use data to understand the drivers of business outcomes, which in turn allows for data-driven business decisions. A basic, non-mathematical foundation in statistics is provided, outlining for readers the tools needed to link data with business decisions; account for uncertainty in the actions of others and in patterns revealed by data; handle data in Excel®; translate their analysis into simple business terms; and present results in simple tables and charts. The author discusses key data analytic frameworks, such as decision trees and multiple 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 simple ideas into the larger business context, and are followed by further details, raw data, and motivating insights. Algebraic notation is used only when necessary, and throughout the book, the author utilizes real-world examples from diverse areas such as market surveys, finance, economics, and business ethics. Excel® add-ins StatproGo and TreePlan are showcased to demonstrate execution of the techniques, and a related website features extensive programming instructions as well as insights, data sets, and solutions to problems included in the material. The enclosed website contains the complete book in electronic format, including all presented data, supplemental material on the discussed case files, and links to exercises and solutions.

Data-Driven Business Decisions is an excellent book for MBA quantitative analysis courses or undergraduate general statistics courses. It also serves as a valuable reference for practicing MBAs and practitioners in the fields of statistics, business, and finance.

Product details

  • Publisher ‏ : ‎ Wiley; 1st edition (7 October 2011)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 512 pages
  • ISBN-10 ‏ : ‎ 0470619600
  • ISBN-13 ‏ : ‎ 978-0470619605
  • Dimensions ‏ : ‎ 17.78 x 3.43 x 25.4 cm
  • Customer Reviews:
    3.7 out of 5 stars 21

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Chris J. Lloyd

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3.7 out of 5 stars
3.7 out of 5
21 global ratings

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Wrong CD inside the book - Year 12 Economic CD in Data Analytics book
1 Star
Wrong CD inside the book - Year 12 Economic CD in Data Analytics book
Wrong CD that comes with the book. Book is on Data Analytics but CD included is on the topic of Global Economy
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Top reviews from Australia

Imran Mirza
5.0 out of 5 stars Great book to make analytical business decisions.
Reviewed in Australia on 18 June 2020
Verified Purchase
The book focuses from elementary phase of data analysis using different methods and gradually builds pace into deeper yet very interesting methodology and analysis for driving the business decisions based on knowledge of data in terms of business and financial figures. It’s a great buy and I use this book for both business and career development.
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Raj
3.0 out of 5 stars Book with no CDROM
Reviewed in Australia on 15 July 2021
Verified Purchase
I received the book but did not receive the CDROM which should come with the book.It has a software in it all the data sets to work on.
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Adeel Sarwar
1.0 out of 5 stars Wrong CD inside the book - Year 12 Economic CD in Data Analytics book
Reviewed in Australia on 19 January 2021
Verified Purchase
Wrong CD that comes with the book. Book is on Data Analytics but CD included is on the topic of Global Economy
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Adeel Sarwar
1.0 out of 5 stars Wrong CD inside the book - Year 12 Economic CD in Data Analytics book
Reviewed in Australia on 19 January 2021
Wrong CD that comes with the book. Book is on Data Analytics but CD included is on the topic of Global Economy
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Top reviews from other countries

DR-J-J
5.0 out of 5 stars Excellent textbook.
Reviewed in the United States on 20 July 2012
Vine Customer Review of Free Product( What's this? )
I reviewed this textbook earlier... perhaps I didn't hit publish. I will try to find my original review and repost. Until then, here is a short synopsis:

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.
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Nozza
5.0 out of 5 stars Beyond Statistics 101!
Reviewed in the United Kingdom on 21 December 2011
Vine Customer Review of Free Product( What's this? )
Having scraped through "Statistics 101" thirty years ago as a compulsory unit in a science degree I approached this book with some trepidation. The stats course for me was also an introduction to using computers for real, but required the use of Fortran 77 on a VAX/VMS 11/780 and having to use NAG algorithms for some of the number crunching. The whole episode both excited m (the computing side) and left me in a cold sweat (the statistics side).

The introduction to the book brought out the cold sweat again in the opening sentence. "The book is divided into 20 limited but substantial topics". Limited but substantial? Is this how the book is going to proceed? In a way, yes.

I am used to reading through technical books where it is easy enough to dip in to parts you want/require, but this book is, by necessity I suppose, designed to be worked through. In order. Each topic depends on earlier topics being thoroughly understood before progressing. So how come it gets 4 stars?

Despite my opening sentence criticism, this book is well written, but what stands out is its clarity. It actually is well written and very well thought through. The CDROM contains an Excel add in - StatproGo - which is Windows Excel dependent (will not work on Macs unless the Mac is emulating Windows).

The importance of raw data is explained and explored in brief at the start of the book - and there's even instructions on how to create a scatter chart "To do this, you select the two columns (including the headings" etc, brief, practical advice that means that the user isn't spending ages looking for how to get done. Actually, as a primer into using Excel (2003, 2007 and 2010) this is a practical starting point for some somewhat familiar with the concept of spreadsheets. Even stuff like absolute cell/column/row references are explained.

It would seem so far that I am concentrating on the Excel side of things. But there is more. A lot more. The descriptions of the Statistical functions are clearly explained, with examples of how to use them in Excel.

Throughout the book there are questions in the middle of chapters/sections entitled "Check your Understanding" at good points to do so. The Exercises at the end of chapters are in depth, and quite challenging. It is a good idea to work through them before moving on to the next chapter.

All answers to "Check you Understanding" and Exercises are on the CD - the answers are well worked through and explained - it's not simply a list of answers. The CD is very worthwhile indeed, containing an electronic copy of the book (protected - so contents cannot be copied, and it cannot be printed either)

There is a LOT more to this book then excel and statistics. Uncertainty and Chance (probability) is well covered - with - eek - some Venn diagrams thrown in. The Bayes method is worked through - with some VERY challenging questions. In all there are 20 chapters to work through. I haven't worked through all the exercises my any means. But those I have are worthwhile and rewarding.

Although aimed at MBA students, this book is will provide a good grounding for other professionals wanting to understand or build up experience in quantitative methods in a wide range of fields.
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Robert Stinnett
3.0 out of 5 stars Statitics for the Business Person
Reviewed in the United States on 18 October 2012
Vine Customer Review of Free Product( What's this? )
Data is what drives business, and chances are you have heard the term "Big Data" being used a lot. Today, companies know they must analyze every piece of data they can to learn more about their customers, their products, their sales, etc. So when I saw this book I was excited that finally there was a book that explained how to use statistics for a practical purpose in the business world without getting dragged into all the 'dry' mathematics. While the author did a commendable job, I still found it to be quite lacking and overly technical/mathematical in many areas. Chances are he could have shaved off about 30% of the book and just focused more on the business side of things, and less on the numbers. However, even I will admit, this would have been a tricky task.

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.
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Tony Jones
3.0 out of 5 stars Not for the casual reader
Reviewed in the United Kingdom on 14 March 2012
Vine Customer Review of Free Product( What's this? )
Having now seen how much this costs to buy I realise that my simple desire to understand the topic better would have been better served by a simpler book.

This is a heavy duty, though well written guide to the topic focussing on the use of Excel in order to cover the ground.

Although I will no doubt dip in and out of this from time to time I am not really target audience
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YoursD
2.0 out of 5 stars Confusing!
Reviewed in the United States on 14 May 2019
Verified Purchase
Not informative! Confusing! Not helpful. I can’t recommend
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