In our consulting work for senior executives, we are often asked to provide summaries of data and to identify patterns to enable our clients’ decision making. We frequently employ simple—yet effective—tools in order to accomplish our data mining and analysis goals. Below is a list of practical tools and short tutorials showcasing how powerful they can be for the business executive’s day-to-day decision making. Most of these tools are available in MS Excel.
For over a century, horse racing aficionados have reveled in devising strategies to pick out the winning thoroughbred before the gates swung open. At their disposal has been what data analysts today refer to as small data- easily quantifiable figures such as race results, lap times, and track conditions. Recently, advancements in technology have allowed experts to track horses in real-time and to gather information previously thought unattainable. This big data may gradually help bridge the gap between likelihood and certainty.