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Data Analysis Using MS EXCEL

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Among many dilemmas and questions that always preoccupy the mind of decision makers, is one important question, namely: How can we scientifically make sense out of the data and information we have, in order to make risk-manageable decisions? In fact to answer this question, more related and not less important questions must be asked first, mainly: Do we have the right data and information to enable us, make the right and the realistic as well as valid decision? Do we have the skilled and trained staff to do the task? Are we following certain strong scientific-sound methodology to make our decisions more robust, valid and feasible? Many more questions became very essential to answer before making the final DECISION.

Many corporations nowadays still are missing not only the frameworks and the methodologies for decision making, but also the research culture as enabling environment and climate for making the process of the decision making a natural practice within the corporation and among its staff.

Objective and Scope

In many large corporations and organizations, there is no compromise on the quality of information in terms of validity, reliability and accuracy. This requires the top management to boost certain culture within the organization that enforces the attitude of “No Information without Validation”. Each employee is responsible of any information she/he delivers or claims. In order for each individual to make sure that the information in hand is applicable, trustable and ready for decision making, certain methodology should be adopted and followed. One of the challenges that faces any decision maker is “What is the Information she/he needs to make valid, reliable and yet less risky decision?” 

There is this moment where information and data are available and even in huge amount inside the company, however there is no idea how a decision maker can deal with or even to interpret them. There are lots of appropriate tools that deal with different kind of data with the purpose to extract meaningful information and knowledge for the sake of supporting the decision making process and understanding own business.

This Learning Experience (the Training) helps participants understand the essential concepts of decision making process starting by asking the right and valid questions based on the business needs that could be triggered internally by the management or externally by the market.

This training mainly focuses on the essential elements of quantitative concepts and tools in order to enable the participants understand the Data and Information in hand and understand the application of data analytics techniques. This 24-Hour program will include hands-on activities and will require working in groups.

Key Issues to be covered:

  • The Methodology of Decision Making: We all need Framework, “Build The Culture”

o   Identifying Business Issues (The Need for Decision Making, is it Internal or External Problem?)

o   Stakeholders Analysis (Who are involved? Internal Staff or Customers? Or else?)

o   Asking the Right Question?

o   Identifying the Key Variables and Factors: Best Practice vs. Theories!

o   Developing the Macro-Level Framework (Relational vs. Causality)

o   Developing the Micro-Level Framework (Measurements Level)

o   Types of Data and Scales (Quantitative, Qualitative)

o   Data Collection: What to collect? How to collect?

  • Quantitative Data Analysis for Decision Making: Thinking Quantitatively

o   Understanding our Data and Estimating the Truth

§  Sample vs. Population

§  Statistics vs. Parameters

§  Descriptive vs. Inferential Data Analysis

o   Decision Making: Level Zero

§  Data Representations

§  Descriptive Data Analysis

§  Numerical and Graphical Methods

o   Decision Making: The Next Level

§  The Pros and Cons of the Point Estimate-Based Decision Making

§  The Necessity of the Interval Estimate Based Decision Making

o   Probability Concepts – Probability Based Decision Making

§  Type of Probabilities

§  Discrete and Continuous Distributions – The Meaning of Distributions and its applications and importance in Decision Making Process

§  Monte Carlo Simulation for Risk Analysis (optional)

o   Measuring and Quantifying the Impact (Data Analytics) –

§  Differences and Relationships

§  Tools for Assessing the Significance of the Impact

o   Correlations and Linear Regressions for Predictive Model Building

o   Forecasting Techniques (optional)

Learning Objective and Skills to be Acquired

Participants of the course will learn:

o   How to identify and validate the business problem and issue

o   How to conceptualize the business problem by developing the appropriate framework

o   How to determine the needed data and information for decision making

o   How to measure and collect the required data

o   How to analysis quantitatively the information in hand for decision making

o   How to build simple models for forecasting purpose

Moreover, this workshop will help participants acquire or/and develop several skills such as, quantitative decision making, problem solving, and critical thinking.

Who should attend

Since this course is not only aiming at providing the data analysis knowledge to the staff, but also at changing the mindset of staff to develop their attitude and their skills towards the decision making process. Then, this course is meant for wide range of staff with various backgrounds who are working in different functions, whether in finance, operations, human resources, sales, marketing, and customer service. The course objective is to create and develop quantitative thinking culture within the organization for better communication and understanding among staff.  

Duration and Delivery

It depends on the mood of delivery this program can be delivered over 2 or 3 full days program. The content differs accordingly.

 Important Note: Participants need to bring their laptop with Microsoft Excel installed during the sessions