Towards Design Principles for Data-Driven Decision Making: An Action Design Research Project in the Maritime Industry

Data-driven decision making (DDD) refers to organizational decision-making practices that emphasize the use of data and statistical analysis instead of relying on human judgment only. Various empirical studies provide evidence for the value of DDD, both on individual decision maker level and the organizational level. Yet, the path from data to value is not always an easy one and various organizational and psychological factors mediate and moderate the translation of data-driven insights into better decisions and, subsequently, effective business actions. The current body of academic literature on DDD lacks prescriptive knowledge on how to successfully employ DDD in complex organizational settings. Against this background, this paper reports on an action design research study aimed at designing and implementing IT artifacts for DDD at one of the largest ship engine manufacturers in the world. Our main contribution is a set of design principles highlighting, besides decision quality, the importance of model comprehensibility, domain knowledge, and actionability of results

Predictive Analytics In Higher Education: Five Guiding Practices for Ethical Use

Without ethical practices, student data could be used to curtail academic success rather than help ensure it. For example, without a clear plan in place, an institution could use predictive analytics to justify using fewer resources to recruit low-income students because their chances of enrolling are less sure than for more affluent prospective students. In this report, New America lays out important questions to consider as administrators formulate how to use predictive analytics ethically

Global Innovations in Measurement and Evaluation

We researched the latest developments in theory and practice in measurement and evaluation. And we found that new thinking, techniques, and technology are influencing and improving practice. This report highlights 8 developments that we think have the greatest potential to improve evaluation and programme design, and the careful collection and use of data. In it, we seek to inform and inspire—to celebrate what is possible, and encourage wider application of these ideas

Applied business analytics approach to IT projects – Methodological framework

The design and implementation of a big data project differs from a typical business intelligence project that might be presented concurrently within the same organization. A big data initiative typically triggers a large scale IT project that is expected to deliver the desired outcomes. The industry has identified two major methodologies for running a data centric project, in particular SEMMA (Sample, Explore, Modify, Model and Assess) and CRISP-DM (Cross Industry Standard Process for Data Mining). More general, the professional organizations PMI (Project Management Institute) and IIBA (International Institute of Business Analysis) have defined their methods for project management and business analysis based on the best current industry practices. However, big data projects place new challenges that are not considered by the existing methodologies. The building of end-to-end big data analytical solution for optimization of the supply chain, pricing and promotion, product launch, shop potential and customer value is facing both business and technical challenges. The most common business challenges are unclear and/or poorly defined business cases; irrelevant data; poor data quality; overlooked data granularity; improper contextualization of data; unprepared or bad prepared data; non-meaningful results; lack of skill set. Some of the technical challenges are related to lag of resources and technology limitations; availability of data sources; storage difficulties; security issues; performance problems; little flexibility; and ineffective DevOps. This paper discusses an applied business analytics approach to IT projects and addresses the above-described aspects. The authors present their work on research and development of new methodological framework and analytical instruments applicable in both business endeavors, and educational initiatives, targeting big data. The proposed framework is based on proprietary methodology and advanced analytics tools. It is focused on the development and the implementation of practical solutions for project managers, business analysts, IT practitioners and Business/Data Analytics students. Under discussion are also the necessary skills and knowledge for the successful big data business analyst, and some of the main organizational and operational aspects of the big data projects, including the continuous model deployment

Teaching Predictive Model Management in MIS Classrooms: A Tutorial

Analytics has become a key element of the business decision process over the last decade. In today’s competitive business world, organizations have found out that their data and how they use it can make them much more competitive. According to many research institutions (e.g., Gartner and McKinsey), the worldwide market for business analytics solutions in practice, research, and education is growing exponentially. As the use of analytics become widespread, business school graduates need to gain the necessary knowledge and skill sets to use these assets effectively. In the spirit of analytical thinking, we developed a practice-oriented business case that uses a sample scenario, managerial dashboards, betting templates, model repository and model performance management metrics that teaches predictive analytics concepts and decision making with incomplete information intended for MIS courses. Through exercises and interactions, students gain the skills, knowledge and experience necessary to be become effective decision makers through applying analytical thinking. Digital copies of workshop lesson plans with dashboard and data entry templates can be downloaded free of charge from the Teradata University Network

Data Analytics in Higher Education: Key Concerns and Open Questions

“Big Data” and data analytics affect all of us. Data collection, analysis, and use on a large scale is an important and growing part of commerce, governance, communication, law enforcement, security, finance, medicine, and research. And the theme of this symposium, “Individual and Informational Privacy in the Age of Big Data,” is expansive; we could have long and fruitful discussions about practices, laws, and concerns in any of these domains. But a big part of the audience for this symposium is students and faculty in higher education institutions (HEIs), and the subject of this paper is data analytics in our own backyards. Higher education learning analytics (LA) is something that most of us involved in this symposium are familiar with. Students have encountered LA in their courses, in their interactions with their law school or with their undergraduate institutions, instructors use systems that collect information about their students, and administrators use information to help understand and steer their institutions. More importantly, though, data analytics in higher education is something that those of us participating in the symposium can actually control. Students can put pressure on administrators, and faculty often participate in university governance. Moreover, the systems in place in HEIs are more easily comprehensible to many of us because we work with them on a day-to-day basis. Students use systems as part of their course work, in their residences, in their libraries, and elsewhere. Faculty deploy course management systems (CMS) such as Desire2Learn, Moodle, Blackboard, and Canvas to structure their courses, and administrators use information gleaned from analytics systems to make operational decisions. If we (the participants in the symposium) indeed care about Individual and Informational Privacy in the Age of Big Data, the topic of this paper is a pretty good place to hone our thinking and put into practice our ideas

Using big data for customer centric marketing

This chapter deliberates on “big data” and provides a short overview of business intelligence and emerging analytics. It underlines the importance of data for customer-centricity in marketing. This contribution contends that businesses ought to engage in marketing automation tools and apply them to create relevant, targeted customer experiences. Today’s business increasingly rely on digital media and mobile technologies as on-demand, real-time marketing has become more personalised than ever. Therefore, companies and brands are striving to nurture fruitful and long lasting relationships with customers. In a nutshell, this chapter explains why companies should recognise the value of data analysis and mobile applications as tools that drive consumer insights and engagement. It suggests that a strategic approach to big data could drive consumer preferences and may also help to improve the organisational performance.peer-reviewe

Selecting Undergraduate Business Majors

The paper begins with a brief review of the literature and how business students choose their major in the U.S. and we list the most popular majors in the U.S. Universities. We also talk about the factors that influenced student’s choice. In our next research project, we will not only use a larger sample size but also the sample will come from a few universities to reduce the sampling bias. In this paper, we also talk about changing trends in international students. We talk about the large group of Chinese, Indian, and Arabic students, and we show that with literature and graphical support. In the next section, we analyze one of the up and coming new business majors ―Business Analytics‖ We finish the paper with a discussion of growth of international students both at graduate and undergraduate level, and how we will address the shortcomings of this paper with our next project