Getting Started with Business Analytics : Insightful Decision-Making PDF
Preview Getting Started with Business Analytics : Insightful Decision-Making
Machine Learning for Business Getting Started with G Getting Started with e t t Business Analytics i n Business Analytics g S t Insightful Decision-Making a r Insightful Decision-Making t e d w “This book offers an introduction to the essence of business analytics, providing a good i t David Roi Hardoon Galit Shmueli summary of the analytical solutions employed across these industries today, including an h and updated vocabulary on new domains such as social media. The reader will appreciate the B difference between supervised and unsupervised learning, k-means clustering and regression u tree classification. … Getting Started with Business Analytics will simplify, and demystify, s the concepts around the ‘science of data.’ Looking back at my career in the field of business i n analytics, I realize that it would have been extremely helpful to have had such a book in hand. e It would have provided me with guidance on structuring my analytical solutions and would s have inspired me to greater creativity. I hope this book will light the spark of curiosity for a new s generation of data scientists.” A —Eric Sandosham, Managing Director and Regional Head of Decision Management at Citibank, n Asia Pacific 2010–2012 a Helping you make sound decisions based on hard data, this self-contained guide provides an l y integrated framework of data mining in business analytics. It explores the contents, capabilities, t and applications of business analytics without assuming any prior knowledge or technical i c skills. The authors describe business analytics from a non-commercial standpoint, demystify s the main concepts and terminologies, and give many examples of real-world applications. They take you on a journey through this data-rich world, showing you how to deploy business analytics solutions in your organization. H Features a r • Explains the fundamentals of analytics methodologies and how they should be applied d o • Requires no prior knowledge of the subject o n • Defines and clarifies hyped buzzwords • • Provides real-world examples of business analytics applications S • Includes suggested business analytics projects h m • Offers supplementary resources at www.businessanalytics-book.com u e l i K14271 K14271_Cover.indd 1 1/29/13 2:54 PM ✐ ✐ “K14271” — 2013/2/14 — 9:17 ✐ ✐ Getting Started with Business Analytics Insightful Decision-Making ✐ ✐ ✐ ✐ ✐ ✐ “K14271” — 2013/2/14 — 9:17 ✐ ✐ ✐ ✐ ✐ ✐ ✐ ✐ “K14271” — 2013/2/14 — 9:17 ✐ ✐ Getting Started with Business Analytics Insightful Decision-Making David Roi Hardoon Galit Shmueli and ✐ ✐ ✐ ✐ CRC Press Taylor & Francis Group 6000 Broken Sound Parkway NW, Suite 300 Boca Raton, FL 33487-2742 © 2013 by Taylor & Francis Group, LLC CRC Press is an imprint of Taylor & Francis Group, an Informa business No claim to original U.S. Government works Version Date: 20130308 International Standard Book Number-13: 978-1-4398-9654-9 (eBook - PDF) This book contains information obtained from authentic and highly regarded sources. Reasonable efforts have been made to publish reliable data and information, but the author and publisher cannot assume responsibility for the valid- ity of all materials or the consequences of their use. The authors and publishers have attempted to trace the copyright holders of all material reproduced in this publication and apologize to copyright holders if permission to publish in this form has not been obtained. If any copyright material has not been acknowledged please write and let us know so we may rectify in any future reprint. Except as permitted under U.S. Copyright Law, no part of this book may be reprinted, reproduced, transmitted, or uti- lized in any form by any electronic, mechanical, or other means, now known or hereafter invented, including photocopy- ing, microfilming, and recording, or in any information storage or retrieval system, without written permission from the publishers. For permission to photocopy or use material electronically from this work, please access www.copyright.com (http:// www.copyright.com/) or contact the Copyright Clearance Center, Inc. (CCC), 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400. CCC is a not-for-profit organization that provides licenses and registration for a variety of users. For organizations that have been granted a photocopy license by the CCC, a separate system of payment has been arranged. Trademark Notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. Visit the Taylor & Francis Web site at http://www.taylorandfrancis.com and the CRC Press Web site at http://www.crcpress.com ✐ ✐ “K14271” — 2013/2/15 — 9:14 ✐ ✐ Dedicated to Those Who Want to Know ✐ ✐ ✐ ✐ ✐ ✐ “K14271” — 2013/2/15 — 9:14 ✐ ✐ ✐ ✐ ✐ ✐ ✐ ✐ “K14271” — 2013/2/15 — 9:14 ✐ ✐ Contents Foreword ix Preface xi Acknowledgments xiii I Introduction to Business Analytics 1 1 The Paradigm Shift 3 1.1 From Data to Insight 4 1.2 From Business Intelligence to Business Analytics 7 1.3 Levels of “Intelligence" 13 2 The Business Analytics Cycle 17 2.1 Objective 18 2.2 Data 19 2.3 Analytic Tools and Methods 22 2.4 Implementation 22 2.5 Guiding Questions 24 2.6 Requirements for Integrating Business Analytics 26 2.7 Common Questions 31 II Data Mining and Data Analytics 39 3 Data Mining in a Nutshell 41 3.1 What Is Data Mining? 41 ✐ ✐ ✐ ✐ ✐ ✐ “K14271” — 2013/2/15 — 9:14 ✐ ✐ viii 3.2 Predictive Analytics 42 3.3 Forecasting 64 3.4 Optimization 68 3.5 Simulation 75 4 From Data Mining to Data Analytics 83 4.1 Network Analytics 83 4.2 Text Analytics 86 III Business Analytics 103 5 Customer Analytics 105 5.1 “Know Thy Customer" 110 5.2 Targeting Customers 117 5.3 Project Suggestions 125 6 Social Analytics 129 6.1 Customer Satisfaction 130 6.2 Mining Online Buzz 135 6.3 Project Suggestions 142 7 Operational Analytics 147 7.1 Inventory Management 147 7.2 Marketing Optimization 151 7.3 Predictive Maintenance 153 7.4 Human Resources & Workforce Management 157 7.5 Project Suggestions 159 Epilogue 163 Bibliography 165 Index 167 ✐ ✐ ✐ ✐ ✐ ✐ “K14271” — 2013/2/15 — 9:14 ✐ ✐ Foreword This century is seeing the rise of the “data scientist,” driven by the increasing convergence of data and technology. The digitization of the world has given birth to a plethora of data sources, and distilling them for insights and competi- tive advantages has become a fast burgeoning industry. Un- fortunately, for anyone wanting to break into this field, the preparatory curriculum of the day is limited. It focuses pre- dominantlyonthetheoretical(ormathematical)aspectofthe technique rather than the objective of the solution, i.e., what isthebusinesschallengethatweareendeavoringtosolve? David R. Hardoon and Galit Shmueli have chosen to break away from the typical and traditional introduction to database marketing and data mining. Instead, in easily ac- cessiblelanguage,theyhaveapproacheditfromtheperspec- tive of how these techniques can be applied to solve vari- ousbusinessproblems.Frombankingtotelecommunication, fromretailtohealthcare,fromtransportationtomanufactur- ing, these data mining techniques are transforming the way weoptimizebusinesses. Thisbookoffersanintroductiontotheessenceofbusiness analytics, providing a good summary of the analytical so- lutions employed across these industries today, including an updated vocabulary on new domains such as social media. Thereaderwillappreciatethedifferencebetweensupervised and unsupervised learning, k-means clustering, and regres- sion tree classification. Understanding the context in which toapplytherightsolutionapproachisoftenascrucialasthe technical mastery of the science itself. As they say, framing theproblemishalfthesolution. Getting Started with Business Analytics: Insightful Decision-Making will simplify, and demystify the concepts around the “science of data.” Looking back at my career in the field of business analytics, I realize that it would have been extremely helpful to have had such a book in hand. It ✐ ✐ ✐ ✐
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