analytics

(noun)

The use of skills, technologies, and practices to explore and investigate past performance, gain insight, and drive business decision making.

Related Terms

Examples of analytics in the following topics:

  • The Value of Analytics in Decision Making

    • Analytics help decision makers determine risk, weigh outcomes, and quantify costs and benefits associated with decisions.
    • Predictive analytics help decision makers to predict the outcome(s) of a decision before it is implemented.
    • Predictive analytics are particularly useful when there is a high degree of uncertainty.
    • Descriptive analytics answer the questions, "What happened and why did it happen?"
    • Recognize the decision-making value of utilizing statistics and analytics to create accurate predictions

  • Interpersonal Skills of Successful Managers

    • A manager must be both analytical and personable when it comes to managing time, resources, and personnel.
    • Realistically, most organizations need leaders who can view their teams analytically and objectively, evaluating inefficiencies and making unpopular choices.

  • Applying the Ethical Decision Tree

    • Decision trees are useful analytic tools for considering the ethical dimensions of a decision.

  • Quantitative and Analytical Management Tools

    • Managers can use many different quantitative and analytic tools to better understand workflow processes, financial management, and employee efficiency.
    • Give examples of quantitative and analytical management tools that assist organizations in better understanding workflow, financials and employee efficiency

  • The Control Process

    • This means that some form of analytics need to be in place so that those who are reviewing the organizational processes can make an effective comparison.If the company is not meeting its goals, it is important to determine where the issues lie and how the company will come up with solutions so that the problem is resolved and the process can be improved.

  • Operations-Management Tools

    • This strategy relies on particular quality-management methods, such as statistical analytics, and creates a special infrastructure of employees within an organization (e.g., "Black Belts," "Green Belts") who are experts in these methods.

  • Considering Technology

    • For example, information systems allow managers to take a much more analytic view of their businesses than before the advent of such systems.

  • Employee Pay Decisions

    • Internal measures are also available in most cases, and include the use of analytic techniques such as projections, simulations, and predictive modeling in the pay decision-making process.

  • Experiential Learning for Managers

    • the learner must possess and use analytic skills to conceptualize the experience