Sunday, 28 August 2011

Business analytics - Session 1

Analytics have been used in business for a very long time. There can be a lot of academic applications for analytics but the real application is in terms of business. One can find a lot of data , give their observations , interpret in academics the tough job is to have meaningful results which will have some business significance.
So as students of MBA we should not use SPSS just as an academic tool but learn how to use it for business.

We learnt that cross tab is bi-variate analysis . Bivariate analysis is one of the simplest forms of the quantitative (statistical) analysis. It involves the analysis of two variables (often denoted as XY), for the purpose of determining the empirical relationship between them. In order to see if the variables are related to one another, it is common to measure how those two variables simultaneously change together.

This can be applied to Operations Management . Like for e.g , we can check in a Warehouse , within the warehouse does placing of items based on value affect the production time .

Here we can have a size of the Warehouse and different locations within the warehouse. Some location will be close to the production line and some may be not . The items may also have have the facility of stacking over each other. So the inventory have to be moved to the production line after picking up from the warehouse.
So some amount of effort and time is consumed.Also the items vary by value based on which they may vary on weight and size. So location  items based on value kept in warehouse may effect production time.

Analytics will help finding  if it really does.

Posted by
Akash Sarkar (13004)
Operations Group 1

Source : Wikipedia

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