Organizations need to make business decisions more quickly and accurately than ever before. We all need to base these decisions on data and best practice analysis techniques and less on gut feel and "the way we've always done it." Whether you seek to obtain or sustain a competitive advantage or simply better steward your resources to serve others, a solid foundation of data analysis for business decision making is a critical skill you should have. Learn to make sense of data analytics and derive actionable recommendations, including planning for productive use of Data Analysis in your organization. Learn the basics to identify and manage opportunities for Change including Business Transformation.
This course helps you to understand and leverage Data Analysis practices while using tools available to everyone. You will be introduced to how to effectively and easily use statistics via built-in and readily accessible software functions in Excel, Google, or other Spreadsheet formulas. You will learn how to gather, analyze, and adapt your data to feed business decision making.
We leave out or simplify math jargon and complex symbols and equations to concentrate on where to find your data, what the data means and how to present to those executives, managers, and subject matter experts who need to quickly make decisions that drive their organizations forward. You do not need heavy Excel or data analysis experience.
How have other firms, nonprofits, and agencies gotten value from Data Analysis? They use many of the Data Analysis & Results trademarked set of PMPower™ Tools for Data Analysis. These tools include Project Management, Risk Management, Document Management, Business Analysis, Data Modeling, and more.
This course addresses the data analysis competencies and skills essential to both government and commercial data analysis to drive decisions. The learning objectives are met by the participants acquiring the essential knowledge of probability theory and the skills necessary to apply the techniques and formulas employed in basic statistical analysis of their data. Lectures are complimented by individual and group exercises in which the participants will gain insight into the practical application of the material. You will analyze some of your business problems, and see how to identify, and quantify the risks associated with decision making and forecasting future results. The course will be also be highly effective at providing insight into the future of analytics and the changing roles of those involved in the roles such as "business analyst", operations, and IT functions. You will understand steps needed to implement a data analysis plan for your organization and begin your plan during class.
Enhance the Analysis of Business Problems and Root Causes
In addition to providing the participants the opportunity to learn and apply the needed concepts, you will apply your acquired knowledge and skills in a number of real business scenarios to learn practical applications. The measure of performance for this program consists of the following elements:
- Learn how to identify your real problems based on established qualitative and quantitative models and to enhance the accuracy in communicating real causes of performance deviations
- Identify, quantify, and reduce uncertainty in making your decisions and in forecasting future events
- Provide the foundation for the identification and documentation of information classes and impact on defining the data requirements of the business
- Prepare and present an audience-specific Data Analysis Plan Outline and Executive Summary for adoption of Data Analysis processes
Real-World Tools and Techniques for Immediate Application
Overall goals of this program include participants acquiring the foundation of required knowledge of probability theory and gain skills in the basic business analysis, data management, and statistical analysis techniques. Participants will better be able to analyze operational data to support the information and functional needs of the organization. This overall goal is achieved by a combination of lecture, videos, outside references, discussions, and exercises. The exercises will reinforce the key concepts and also will address the practical application of these concepts and techniques in different business situations. The overall learning objectives can be broken down into the following topics:
- Be better prepared to communicate reasons to use data analysis techniques, strengths and weaknesses of each, and your recommendations based on sound data analysis principles
- Learn the scope and impact of applying qualitative and quantitative methods to the analysis of data
- Gain knowledge of the basic concepts of probability theory and statistical techniques including forecasting
- Learn and use the Data Analysis & Results set of PMPower™ Tools for Data Analysis and Business Transformation
- Support key management decisions by identifying significant trends and correlation between business results and controllable and uncontrollable variables
- Gain the knowledge of skills and knowledge to establish business process performance metrics and the mechanisms to track business process performance
In Class Individual and Group Exercises
Practical and realistic discussion, analysis, videos with hands-on examples for later practice exercises, and other practices will allow the participant to apply the foundations of qualitative and quantitative business analysis. Working individually the participants will learn and use the functionality provided by Excel or Google Spreadsheet. Working in teams the participants will learn to analyze realistic business situations to select and apply the appropriate methods and tools to draw relevant conclusions. Working through these different business scenarios the participants will learn the value of analytics in supporting decision-making processes and the management and controls of business processes. These flexible exercises and other aspects of the delivery are tailored during Virtual Delivery.
20 Benefits of Attending This Training Course
- Learn the basics to identify and manage opportunities for Change including Business Transformation.
- Learn the terms, jargon, and impact of business intelligence and data analytics.
- Gain knowledge of the scope and application of data analysis.
- Understand the impact of analytics on gaining competitive advantage and decision support.
- Explore the concept of information classes and its impact on the definition of data requirements.
- Explore ways to measure the performance of and improvement opportunities for business processes.
- Be able to describe the need for tracking and identifying the root causes of deviation or failure.
- Learn the basic principles, properties, and application of probability theory and the normal distribution.
- Apply the different formulas for pulling and analyzing a random sample in a spreadsheet.
- Learn the different methods for summarizing information and presenting results including charts.
- Learn about statistical inference and drawing conclusions about the population.
- Understand the importance of and how to use sample sizes and confidence intervals around the calculated sample parameters.
- Explore impact of a number of variables on the targeted outcome (or dependent variable).
- Learn about forecasting including introduction to simple linear and multiple regression analysis.
- Identify criticalfactors, how to analyze root causes, and their impact on business performance.
- Gain knowledge to interpret your results and draw sound and relevant conclusions on business.
- Learn different methods and algorithms for forecasting future results and to reduce current and future risk.
- Be awarded PMI® Approved PDU®s, IIBA® Approved CDU®s, or other continued education credits.
- Refresh your basic statistics and process improvement skills.
- Learn where powerful reference material exist and how to leverage to enhance your decision making.