In the unfolding competitive global economy, companies face the challenge of evolving strategies and practices to compete effectively. With the increasing trend of economic globalization with the attendant high level of business uncertainties, organizations are now faced with the challenge of coming up with high quality decision making systems. A generally acknowledged challenge in Nigeria is the lack of reliable sources of information for decision makers. This inadequacy provides a compelling reason for organizations to evolve efficient and effective strategies to source and use data to generate information for high quality decision making.
This seminar provides participants with an opportunity to acquire the necessary skills to enable them to serve as catalysts for high-quality fact-driven decision making. A good understanding of the business environment under which a firm operates is a necessary condition for evolving and implementing effective strategic initiatives in any enterprise. As a general management seminar, Smart Business Decisions: the Power of Data Analysis seminar will enhance managers’ ability to make intelligent decisions in the presence of uncertainty. It introduces decision-making best practices to managers ranging from simple descriptive analysis, associative analysis, to business intelligence. It provides a good understanding of the techniques required to plan and execute business various types of data studies.
The PC revolution has dramatically changed how information is gathered and analysed in the workplace. Hence, practical sessions, using computer systems, will be employed in the class to simulate real-life decision-making scenarios. The use of computers will complement our traditional case based learning approach. Participants will be required to perform hands-on, computer-based analysis of some of the cases that will be discussed during the seminar.
While few competing local programmes have typically focused on academic researchers and analysts, this seminar is unique and advances the school’s mission by focusing on practical managerial skills that will enhance the quality of decision makers. The Smart Business Decision: The Power of Data Analysis seminar will be delivered by a faculty of experts.
Key Learning Objectives/ Benefits
- An appreciation of the impact of uncertainties on business.
- An understanding of the role of data and information on business performance.
- Strategies for effective and efficient managerial decision making process.
- Knowledge of how to design, plan and execute data studies to answer specific business questions.
- Ability to improve managerial decision making by incorporating associative and predictive business analysis.
- An understanding of market analysis and customer satisfaction studies.
- Knowledge of how to integrate customer data mining and business intelligence.
Business Decisions and the Statistical Process
- Business Uncertainties and Decision Making Process
- Statistical Process and Description of Data
- Graphical Exploration of Data
- Use of Software for Data Analysis
- Ethical Considerations in Data Analysis
- Measures of Business Profitability
Date Looking Beyond the Obvious
- Sampling and Data Collection
- Comparing Groups
- Statistical inferences and Testing of Hypotheses
- Correlation and Simple Linear Regression
Associative and Predictive Analysis
- Model Building: Multiple Linear Regression
- Demand Forecasting
- Data Mining and Business Intelligence
Planning and Executing Data Studies
- Design of Business Studies
- Conjoint Analysis
- Preparation and Effective Presentation of Reports
- Market Research Process