Keeping Up with the Quants: Your Guide to Understanding and Using Analytics

Book Report On Keeping Up with the Quants: Your Guide to Understanding and Using Analytics By: ABC Date: Summary Section-chapter-by-chapter Chapter 1- In the first chapter of this book, the whole chapter describes the very common phenomenon according to some researchers and thinkers in data collection and data representation mechanism with all necessary outcomes. There are many evidences that the data is inculcating in businesses and the main important element while looking for information for improvement is lie under the data and data initiated mechanism. The correction of data leads the world leaders towards the correct decision and timely fit mechanism against the product portfolio as the world is now a globalised country. The data that was the core of every business still not left the government and society as well. The quantitative analysis is the base of better decision making in business, government and even in societies. Chapter 2 The whole chapter 2 covers the whole structure of problems facing by organization in managing data and information behind that particular data for the resolution of particular problem facing by business in contemporary times. The core process that is foremost in the development of information system in business is the definition the question raised while having the quantitative analysis done at better level with the best methods to apply them in real time. The frame or structure of problem is the basic element. The two step agenda is being followed by the framing problem thinkers. The first agenda in framing the problem is the problem recognition and other is the review of the already find data and information about the same problem. Chapter 3 This chapter ponders upon the importance of centralized thinking, about the solution of problem and only all efforts should evaluate that how each step taken in businesses is synchronized with the objectives and motives in the reality model. There are three stages in solving the problem is needy and should be done with the same pace. The first stage of solving the problem is Modeling process and at this step variable that is going to help in this modeling process. What type of variables and how each variable in business is actually attach with the modeling and modeling step in solving the problem. The second step is the data collection according to pre selected variables that are important in developing solutions against the problem and third is the data analysis upon facts and figures. Chapter 4 According to whole thematic meaning of this chapter, the chapter showed that the communication system over there at big level or one can say at organization level, the introspection upon the basis of data collection and data representation in the phenomenon whole data extraction process generates some results, some findings, some presentations and some actions. The articulation of results upon facts and figures, the collection of findings for meaningful purpose, the presentations of data at most reality level and actions against already data available with the actual statistics and overall communication of those results, findings with the immediate decision makers of that business so that its whole operation in business can be improve. This is important step because lack of communication channel in communicating result then the whole lengthy process will end with no benefit. Chapter 5 In this chapter the same thing of creativity and innovation but this time the same innovation and creativity is the subject matter in data analysis and analytic that seems to be very dry process. It is very easy to create innovative decision making and creative or result oriented process in management and for management purposes but it is very hard to apply same method or tactics while doing the same innovation or creativity in data analysis process or in statistics based departments. The whole framework is there that how an organizations and their data analysis department can create the creativity in data analysis and in analytics work at organizational level. The compatibility of the results with the business activities is not stuck with actual measures at all. Chapter 6 In the chapter 6 of book the whole thinking of data and statistics pour some light towards other reactions after variables show their compatibility towards the operations and ultimately objective getting process. This covers the discourse analysis of ways and leads towards addresses some problems that actually show some capability and reliability with variables over there. The whole material in this writing actually provide foundations and also articulate facts that how one can create their own analytical work capabilities and either the dynamic behavior towards the understanding is there in one and in one’s attitude formation that may or may not leaders towards the business success based upon such data and information collection attitude. The end result is there that either one is inclined towards such steps or not. Chapter 7 In the seven and last chapter of the book, as expected, whole material is there about the clear demarcation about the analysis based organizations and other one. The data based information is more easy and best way to articulate structure upon which the whole decision can base. The difference between effective and efficient mechanism of organizations, who endorse the usage of analytic, from those that actually negate such lengthy process for decision making is nicely described here. There are two types of consumers of analytics there, the one is non-quant consumer and the other is quant consumer. The acquisition of both type consumer results in good. Beyond theories, beyond wordy injections and beyond materialistic approach about data and its impact in decision making and resolution of problems, here the whole and real-time examples given in chapter that showed that how the data and techniques of data showed the same benefits as said by literature. Discussion: After reading the book I have adopted structured or framework that is need of analytic and this structure and theoretical background of analytics provided me a new thinking way of one can say that the paradigm shift has been inculcated in me that the whole analytics is very essential in representation of data both in data collection and data representation. The data is the only source in systematic era of business where all work, workplace and work force take the title as essential elements in systematic approach to get the product portfolio and effective business operations. The after reading feeling in me also arose that the analytics and their justified definition about analytics is the great deal in getting and obtaining information about the whole data shifting techniques from one purpose or objective from other purpose and objective. The understating level about the analytics has boosted in me and I got the real distinction about the techniques of data with actual framework. The extensive use of data for industry purposes is another learning log that recently created. Analytics that is actually the use of data and data techniques for the sake of benefits of business. From another perspective that the step approach while thinking about the problems is very essential while developing some resolution against those problems and issues that are contemporary in some manner. The extensive use of data with the lengthy process and integration of that process in descriptive, predictive and perspective according to some methods and purpose and this thinking is not there before the read of book because as the many believers and scholars are there that did not endorse the use of such data for the beneficial of profitability of business as it is in practical as one observed it personally. He whole integration of business with side by side data inclusion is not an easy task at all but the reality based model in book showed that the data and whole information behind the data is not a big deal at all and this kind of data that provide the understanding of information and their direct implication upon business purposes is new to me. The most important that I have got while studying the book with the coherence of lecture redelivery material at class I have got the understanding level about the data collector less and more as the consumer itself. The consumer-centered resolutions of problems are the core purpose of business and such business need a revamped approach to get the real time advantage. Such techniques, tools and ways that has already been discussed over here in this literatures tends me to think myself as consumer because consumer thinking is more familiar with actual problems in vast market rather than as researcher, data collector or even as data represented personalities. The ultimate producers are quants and these quants essential in defining the consumer level resolutions in problems. There are some consumers who use analytics and why not those consumers are itself me and this thinking provides me to understand the whole material that is already coherent with the subject matter. Another aspect that is attach with the data representation and data collection process is that every data collection method pursuing the whole futuristic approach behind the data collection and data representation for the business purpose. There are producers of products and producers of products constitute some forecasting before the product orientation and product evaluation. Before the data collection surely there is some business experience is there and that business experience actually essential to articulate the business or product future with overall approach. These steps also initiate the need assessment for the betterment of operations. The business experience made the business futuristic experience needed to develop some plans that may be beneficial in developing the business image in future. These futuristic benefits upon the already acquired data and beyond the immediate effects and these all understanding is new to me. The presence of this element in real time is very alluring and tempting for me while reading the book. Before the data collection there must be some hypotheses and this against literature approach in data collection particularly in larger organizations is not in practice at all now a day but the understanding level at me about those steps and those tools that are essential in evaluating business profitability is new to me and for the sake of my satisfaction that such data collection and data representations are very essential in business success. Data consumer concept is also required a thematic and logical mechanism to apply that data in corporate world. One as a data consumer means and in this case it is me and myself who is thinking about the purpose oriented work that should be done at major level and this lacking element is also constitute important so there is need to develop such mechanism which actually pay me back. The data consumption need a hypotheses than many supporting statements, variables, results, finding and facts that support that hypotheses with the same pace as it is needed to support to drive result and some business operations in actual manners. The consistently changing environment with the authorized data collection and recommendation words against those processes are there to initiate business operations as needed to identify by business operations. According to my reflection about the book generally and particularly this section of application of data one would like to say that it is not an easy way to develop such mechanism that is actually show the integrated results with the business operation and contrastingly it is difficult stage where the whole data oriented upon the business minds culturally and factually. In the end, one would like to say about the conclusive statements that were buzzed up by writers including Thomas H. Davenport, Jinho Kim, side by side to show relevance of data and consumption of data towards the achievement in business due to his data and analytics. The understanding level of analytics and its types has been increased at the end. The descriptive analytics is directly attached with the predictive analytics and predictive analytics indirectly attach with the prescriptive analytics and the whole chain of analytics is these and benefits collectively for information and decision-making. The statistics, forecasting, Data mining, text mining, optimization and experimental design are actually the way and foundations that will make the justified decision. The big data concept in book showed the big decision and big d3ecisoon constitute the attitude for big changes and big changes make the competitive advantage more tempting to acquire. The reality based models that may apply upon the manager of contemporary world and a lack of analytical terminology understanding initiate the age of data in which everyone is living right now. The qualitative and quantitative methods in business showed the coherence between the qualitative and quantitative mindset in managers against their operations, activities and value creation processes in real time. This whole report is the guide for managers and researcher as well so the quantitative literacy should get importance in complex corporate world. After grasping understanding upon this material manager can may the same analytics skill as I can easily understand by reading the material of book. References: BIBLIOGRAPHY \l 1033 Davenport, T. H., & Kim, J. (2013). Keeping Up with the Quants: Your Guide to Understanding and Using Analytics. Harvard Business Press.

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