Weaving Analytics for Effective Decision Making helps managers unleash the power of analytics. It provides a roadmap for implementing analytics and securing a high return on investment for the organization. The book is meant primarily for decision makers, business leaders and business problem solvers who are engaged in decision-making roles in organizations. Several books have established the need for analytics in decision making; this book moves one step ahead and explains how managers can maximize the benefits of analytics in organizations. It spells out the sequence business managers should adopt towards building business intelligence-driven organizations.
Chapter 3: Resolving Business Problems with (Predictive) Analytics: Scoping the objectives
Resolving Business Problems with (Predictive) Analytics: Scoping the objectives
Karan Tyagi, Marketing VP of a large consumer services company, was in conversation with his marketing intelligence support lead regarding the possibility of building a consumer response model to support his marketing campaigns. Specifically, could he ascertain how much was the monetary benefit from running the campaign using the model?
He was keen to know from the market intelligence person whether such a model could be developed with the data available in the organization, and more importantly, how he [Page 52]could ascertain whether the model output was useful to him. In other words, he was worried that his intelligence support team would build a model, project the statistical ...