Business Data analytics with excelDescribe, predict and prescribe
Statistics is fundamentally concerned with summarizing data so that appropriate interpretations can be made. In organizations, these interpretations are the basis of decisions that drive changes and improvements that positively affect business outcomes.
In this workshop , you will become an excel analytical guru and know how to use Excel advanced functions to analyze your data. This workshop is aimed to have you using excel in your everyday business activities but from a data science and analysis perspective, not from a bookkeeping perspective.
The Masterclass will walk you through the fundamentals of data analysis along while practicing these techniques in excel.
The workshop is divided into three Modules :
- Descriptive analytics in excel.
- Predictive analytics in excel.
- Prescriptive analytics in excel.
Module no 1 : Descriptive data analysis
Knowing not only where the mean, median, and mode lie in the data but also the amount of variability provides you with needed information about the shape of your data , however data can take other shapes .
In this module we will define what is categorical , discrete and continuous variables such as temperature ,income and grade level.
So assuming you are tracking your business sales per day , it is important to know the mean , the median , the mode and the range of your daily sales . we will use excel to get these measures.
As well , may be you would like to know generally where are your sales lying so you can plan accordingly, for this we can use histograms .
Outcome of this Modules:
- Use the measures of center to analyze your data.
- Use the measures of spread to analyze your data.
- Use histogram to define the distribution of your sales.
Module no 2 : Predictive analytics with excel
How often did you face the issue of planning for the next three-month sales , budget or sourcing requirements ? I am guessing a lot .
But we have to understand that their factors affecting our sales or budget , these factors can be your business growth , the time of the year , your marketing spend or how many projects you are currently involved in ? and there comes the prediction analytics part . this module is vital to drive your business forward.
We will learn about how to make regression analysis , how to capture the trend and seasonality of your business as well as more patters that can improve our prediction for the future .
Outcome of this module :
- Define what is seasonality .
- Define what is trend.
- Define what are coefficients.
- Predict for the future !
Module 3 : Prescriptive analytics with Excel
Prescriptive analytics is providing solutions for your business. Its like going to the doctor asking for prescription for your cold.
In this module we will learn the techniques of optimization and linear programming. For example, you want to know how many employees you should hire to maximize revenue, or you want to know the best location for your warehouse . or what is the optimum price for your product to maximize revenue. Optimization is a great tool for that and excel also does not disappoint in this area. The third module will mainly focus on using optimization to derive Key business decisions. As A bonus , we will also know how to use simulation to derive business decisions as well.
Module 3 outcomes :
- Use optimization to minimize cost.
- Use optimization to maximize revenue.
- Use optimization to set the price of your product and services.
- The use of simulations to back up optimizations.