High analytics users may want to start at the end of the problem: crunching numbers; however, the emphasis in analytics could easily be placed on breaking down our business problems into more manageable pieces. The application of technology needs to fit the problem(s) defined and not simply be implemented for the sake of the technology’s capabilities.
- Download the chart template titled WK3 Analysis Inventory
- Using the following scenario, create an analysis inventory:
- Your company is a $20 million Mid-west manufacturer. During the past five years sales growth has slowed from 15% per year, to 2% per year. Company management has decided that introducing the product into the European market will reduce the declining sales growth trend. Management wants you to run some analytics on the situation.
- Using the chart template, identify 10 actual situations that analytics would evaluate to better evaluate this problem/decision.
- Support your analysis of Industry Knowledge and Accuracy/Reliability. Do not just indicate High/Medium/Low.
- For one of the Specific Analysis Problems Identified, determine a piece of software available that the company could use in analyzing the problem.