Business Analytics for Managers
The practice of business is changing. More and more companies are amassing larger and larger amounts of data, and storing them in bigger and bigger data bases. Consequently, successful applications of data-driven decision making are plentiful and increasi
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For further volumes: http://www.springer.com/series/6991
Wolfgang Jank
Business Analytics for Managers
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Wolfgang Jank Department of Decision and Information Technologies Robert H. Smith School of Business University of Maryland Van Munching Hall College Park, MD 20742-1815 USA [email protected] Series Editors: Robert Gentleman Program in Computational Biology Division of Public Health Sciences Fred Hutchinson Cancer Research Center 1100 Fairview Avenue, N. M2-B876 Seattle, Washington 98109 USA
Kurt Hornik Department of Statistik and Mathematik Wirtschaftsuniversit¨at Wien Augasse 2-6 A-1090 Wien Austria
Giovanni Parmigiani The Sidney Kimmel Comprehensive Cancer Center at Johns Hopkins University 550 North Broadway Baltimore, MD 21205-2011 USA
ISBN 978-1-4614-0405-7 e-ISBN 978-1-4614-0406-4 DOI 10.1007/978-1-4614-0406-4 Springer New York Dordrecht Heidelberg London Library of Congress Control Number: 2011934258 c Springer Science+Business Media, LLC 2011 All rights reserved. This work may not be translated or copied in whole or in part without the written permission of the publisher (Springer Science+Business Media, LLC, 233 Spring Street, New York, NY 10013, USA), except for brief excerpts in connection with reviews or scholarly analysis. Use in connection with any form of information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed is forbidden. The use in this publication of trade names, trademarks, service marks, and similar terms, even if they are not identified as such, is not to be taken as an expression of opinion as to whether or not they are subject to proprietary rights. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
To my Family: Angel, Isabella, Alexander, Waltraud, Gerhard, and Sabina
Preface
This book is about analytics and data-driven decision making. As such, it could easily be mistaken for a book on statistics or data mining. In fact, this book conveys ideas and concepts from both statistics and data mining, with the goal of extracting knowledge and actionable insight for managers. However, this is not a statistics book. There exist thousands of books on the topic of statistics. Most of these books are written by statisticians for statisticians. As a result, they often focus primarily on mathematics, formulas, and equations and not so much on the practical insight that can be derived from these equations. This book uses concepts and ideas from statistics (without ever getting bogged down in too much mathematical detail) in order to extract insight from real business data. This is also not a book on data mining. There are many good data mining books, some of which are written for data miners and computer scientists, others for practitioners. However, most of these books focus on algorithms and computing. That is, they emphasize the many different algorithms that exist in order to extract similar information from the same set of data. This
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