Introduction to Business Analytics Essay 2022

Running head: INTRODUCTION TO BUSINESS ANALYTICS
INTRODUCTION TO BUSINESS ANALYTICS
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INTRODUCTION TO BUSINESS ANALYTICS1
Introduction
In business, decisions are made on a regular basis and for every step. When a choice
is made out of the several alternatives present, this is known as business decision making.
The decision made will help the business in improving the performance and be useful in the
market. Decision making is only possible if the number of alternatives present is two or more
(Ayyub 2014). Based on the decision made, several action plans are developed for the
business operating.
This essay discusses about the several stages of business decision making, their role
and importance, and how each stage is integral for the overall outcome.
Body
The process of decision making helps the professionals in solving the problems
through a systematic approach by observing all the alternatives present and then finally
choosing the best alternative suited for the problem (Ayyub 2014). The decision that is
informed and is thoughtful has a positive impact on the goals and objectives of the
organization.
The process of business decision making is based on seven essential steps or stages
that is a data to decision framework. Having a proper information and knowledge of all these
stages will help the manager to make decisions that are clear and effective for the
organization (Lieberthal and Lampton 2018).
Defining a problem: it is vital to recognize the problem to be solved and then address it.
Besides, there must be a determination as to what difference this decision can make on the
employees as well as the customers of the business.

INTRODUCTION TO BUSINESS ANALYTICS2
Analysis plan: problems related to the business may be large and must be shorten up to
objective that may have individual goals to achieve. The goals must follow a methodology
that is specific, measurable, attainable, relevant, and time bound. Many analytical models can
be used such as SWOT analysis for having a clear vision of the business and its environment.
Data profiling can also be done to ensure better understanding of the data and accordingly
find the missing links of the source data. This step will be finally concluded by the analysis
model and its implementation.
Data collection: the answer to all questions that are related to the business problem is only
possible after the gathering of proper and appropriate information about the alternative which
must be based on the facts and figures from the past (Lieberthal and Lampton 2018).
Gathering information will help managers to determine possible and potential roots of the
problem that might be faced during the process of decision making. Data cleansing is useful
for measuring the quality of data analyzed.
Analytics: the information gathered in the above step is presented to the managers or the
stakeholders that are discovered through stakeholder analysis. The analysis model planned in
the above steps will help in validating a patterns of the variables that are important. In this
step, the hypothesis tested and will be approved or disapproved.
Reporting: the analysis done in the above steps must be easily interpreted by the customers
and the stakeholders. This is made interpretable by using several charts and tables to put
everything under one single statistical sheet.
Recommendations: the most critical step of the decision making process is reviewing the
decision made as this will help to know about the effectiveness of the decision that is chosen
and made from the several alternatives present (Shadlen et al. 2016). This will also help in
learning from the mistakes done, and repetition of the same can be avoided. Addressing the