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The fundamental purpose of analytics is to help managers solve problems and make decisions. Determine a company currently in the news that could use analytics to help make a decision. It could be from a national headline or it could be a local. From there author an analytics research proposal that broadly covers these six sections (see page 26 of the text for more clarification):
- Recognition of the problem: This section includes the history or “how we got here” for your intended company/situation. An explanation of why or how a full analytics report will benefit the company. Make sure a report is appropriate given time or cost constraints. Assume that the necessary information is not already available. Define possible decision alternatives and identify responsible stakeholders or decision makers
- Define the problem: Is the problem a failure to meet an objective: a gap between what was supposed to happen and what did happen? Is the problem an opportunity: a gap between what did happen and what could happen. Define some symptoms of the problem; describe key monitors or measures that define success. Determine some probable causes to the symptoms. Determine what you, as a researcher, think is the probable cause. You could propose a formal hypothesis here if you would like.
- Structure the problem: From whom is the information to be gathered?. What information is needed? What constructs are to be analyzed? List the properties that you will measure. What scale will each of those variables be? If you decide on sampling, explain your sampling method.
- Analyze the problem: Choose the analytics tools from the course that you feel are most appropriate to answer your research objectives. Think about what research questions you want answered from above and what data you have would have to work with, then choose the appropriate tests. This would be a good time to explain in detail the statistical method you have chosen, how it works, and why you have chosen it. Also a good time to propose a formal hypothesis if you haven’t written one so far.
- Interpret results and make decision: Based on the previous section, please explain how you would interpret your results from your chosen method or methods. What data, critical value, probability values, etc. will you need to answer your hypothesis? What are your possible outcomes and interpretation based on that data.
- Implement the Solution: In the conclusion, you will tell the reader what the results mean in the real world (even if you have made that interpretation in the last step). What do they mean to the research questions you raised earlier? How will these results help the reader make a decision among alternatives you proposed earlier? This section translate your statistical results (or possible outcomes) to an audience outside of the analytics world. This entails a recommendation to the company.
Sample Solution
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