Reference no: EM132177837

Question:

Week 1: Analytics: What Is It? What Is It Not?

Have you ever heard someone say, "It just feels like the right decision?" A decision like this, made on instinct, is often referred to as a "gut decision." Gut decisions, in contrast to data-driven decisions, can often be detrimental to organizations. Moreover, companies usually perform better when they have not just data but the right data. Analytics is about the tools and methods organizations use to base their decision making in data rather than instinct.

This week you will analyze the tools and solutions that companies use to make decisions, along with the errors and the limitations analytics can bring. You will also examine the importance of certain types of analytics, such as predictive and descriptive.

Learning Objectives

Students will:
- Analyze tools and solutions for using analytics
- Analyze errors and limitations of using analytics
- Analyze the importance of predictive and descriptive analytics

Mondore, S., Spell, H., & Douthitt, S. (2016). From the boardroom to the front line: Prioritization and practicality with advanced analytics. People & Strategy, 39(2), 32-36.

Tschakert, N., Kokina, J., Kozlowski, S., & Vasarhelyi, M. (2016). The next frontier in data analytics: Why CPAs and organizations need to learn advanced technology to predict and achieve outcomes. Journal of Accountancy, 222(2), 58-63.

Discussion: Analytics

As technology and the markets continue to evolve, it is important for companies to maintain a competitive edge. The use of analytics provides companies with the quantitative data needed to drive decision making and stay ahead. Companies often use analytics when creating their business strategy and sometimes to drive process improvement. Although there has been an increase in the number of companies that use analytics, one thing remains the same: senior leadership needs to believe in analytics for it to be applied successfully.

To prepare:
Review Tschakert, Kokina, Kozlowski, and Vasarhelyi (2016) in your Learning Resources.
Conduct your own research on tools and solutions that exist today for analyzing data.

With these thoughts in mind:

Post the current state of analytics and the reason why using analytics is important. Include 2-3 tools and solutions that organizations are currently using. Include 1-2 common errors that companies make or limitations that organizations experience when using analytics.

Assignment: Predictive and Descriptive Analytics

Companies use analytics to measure their performance. Analytics consists of the application of statistical methods to data in order to evaluate the outcome of a project, process, or product. Without analytics it would be hard for companies to measure how successfully or unsuccessfully the project, process, or product is performing. Predictive and descriptive analytics are two approaches that companies use to understand data.

To prepare:
Review Mondore, Spell, and Douthitt (2016) in your Learning Resources.
Conduct your own research on predictive and descriptive analytics.

In 2-3 pages:

Write a paper that provides a short definition, in your own words, of predictive and descriptive analytics. Then include the reason why predictive and descriptive analytics are important in your field of practice or the field you are interested in, providing specific examples to illustrate your explanation. Include references to both the Learning Resources and your own research.