Business success depends on the decisions made by its leaders and managers. As companies focus on achieving goals, many factors like time and budget come into play. Making mistakes is costly, so businesses need to be cautious when it comes to making decisions. The decision-making process sets out to lead organizations to their desired outcomes. Decisions have to be clear and … [Read more...] about 5 Decision Analysis Tools to Catapult a Business
If you’re thinking that the 5 Whys mean you have to say why five times, no, not exactly. The 5 Whys in business is a process that you would actually use to help you to find out the real root of a business problem and ways to fix it. Sometimes in business, managers can spend so much time in the boardroom, discussing the potential problem and discussing what might have … [Read more...] about The 5 Whys As a Practical Tool to Solve Business Problems
In business analysis, we tend to focus our research on individual markets and industries, without paying attention to the greater, so-called macro environment. But what exactly is the macro environment, and why should you care? The macro environment is the broader business environment across all markets and industries. It takes into account the size and nature of entire … [Read more...] about What Is Macro Environment? 2 New Examples You Can’t Miss
In data analysis, a time series is a collection of data points organized in time. According to some definitions, the data points in a time series should be equally spaced, although this is not always the case. The varying definitions for a time series can be illustrated with three examples: A dataset compares the performance of athletes to their height. Since neither the … [Read more...] about Time Series Analysis: Definition, Benefits, Models
Data analysis — the process of collecting, processing, and drawing insights from data — comes in many flavors. Predictive analysis is just one type of data analysis, but it's highly valued for the benefits it provides in making business decisions. In this article, we'll look at the basics of predictive analysis, including its definition, applications, models, tools, and … [Read more...] about Predictive Analysis: Definition, Tools, and Examples
Ad hoc analysis allows businesses to make quick and smart decisions to stay ahead of the competition. When a company is trying to figure out the specific cause of something, this analysis can help them find a solution. Ad hoc allows for the gathering of analytical and statistical data from company-wide and outside sources. And unlike reports made monthly or annually, ad hoc … [Read more...] about 5 Ways Ad Hoc Analysis can Help in Business Planning
Data analysis is a business analysis process that involves collecting and interpreting data. As organizations move to become more data-driven in the twenty-first century, data analysis is a tool of growing relevance. In this article, we'll look at the basics of data analysis, including what exactly it is, what types there are, and what the analysis process looks like. What … [Read more...] about Data Analysis: What Is It, Types, Process, and More
Cost benefit analysis is the process of comparing the costs and benefits of a business decision. It's a popular model in the strategic planning toolset, since it provides a straightforward way to evaluate any type of decision. In this article, we'll take a closer look at cost benefit analysis, providing a definition, pros and cons, and step-by-step instructions for this unique … [Read more...] about Cost Benefit Analysis: Definition and How to Do in 4 Steps
Business case analysis is a tool used to evaluate potential business decisions. It's often used in the corporate world where project managers and other front-line employees need to convince company stakeholders for their support. The project manager, who is responsible for conducting the analysis, assesses the costs, risks, and benefits of a decision using their specialist … [Read more...] about What Is Business Case Analysis (BCA)?
Should you use business analysis in marketing? Is it valuable or just a waste of time? Marketing is an expensive but crucial aspect for any business, regardless of size or industry. If something goes wrong, you can be out thousands of dollars in as little as an hour! Business analysis helps you understand pitfalls and plot holes in your business before it’s too late. But … [Read more...] about Should You Use Business Analysis in Marketing?