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statistical analysis

Too “Logit” To Quit: 5 Ideas For Using Logistic Regression In Your Business

Submitted by Jonathon Neil on Sat, 12/01/2012 - 18:53

Predicting behavior is the “white whale” of every business leader responsible for business development and customer acquisition. The field of data analysis offers numerous techniques and methods to help business leaders in these efforts, yet for those without the experience and/or resources this can be a daunting task. In this article I want to discuss one technique that can support the efforts of any business, small and large: logistic regression.

A Predictive Model For Week 5 College Football Pickems

Submitted by Jonathon Neil on Thu, 09/27/2012 - 16:39

The saga continues with my College Football pick ems. With week 4 in the books and week 5 approaching I have improved from dead last to fifth in the rankings over the past 2 weeks. A couple of weeks ago in an attempt to climb out of the cellar I conducted a quick exploratory analysis and used some probabilities to make predictions, resulting in correctly picking 55% of the games in week 3.

Don't Rest, Always Test!

Submitted by Jonathon Neil on Tue, 09/25/2012 - 15:00

A common trend I find among businesses small and large is the reluctance to test marketing concepts. I'll admit that it is very easy to stick with a promotion if it is producing results, but I am an advocate both for using data in making decisions and testing new ideas in an effort to optimize campaigns. Why not challenge the paradigm and discover by devoting a specified amount of your annual budget to venture into new concepts? It can be 5% to 25%, the amount doesn't matter as much as building this mentality within your organization. Test call center scripts. Test landing page copy.

Update: College Football Pickems Decision Model

Submitted by Jonathon Neil on Sat, 09/22/2012 - 10:00

In a post last week I discussed my problem with picking college football games against the spread. After stating the problem (I was dead last in the standings) I walked through a very basic exploratory and statistical analysis by using probabilities from the first 2 weeks to develop a decision-making model for selecting my picks. And the results were...

Surprisingly good

As a recap, here is the model:

Control Limits: Why You Should Know And Love Them

Submitted by Jonathon Neil on Wed, 09/19/2012 - 18:00

As you can guess, I love data. I love data because they are the basic facts about your business that can be used to support your decision-making process. However, and being an analyst professional you may think this is hard for me to say, data can be used to make bad decisions. Data may not be accurate due to systemic issues within the data collection process, and/or the results of a report or analysis may be misinterpreted. One way to mitigate the latter problem is with the usage of control limits.

Improve Analysis Within Your Business By Using Statistics

Submitted by Jonathon Neil on Wed, 09/12/2012 - 18:15

Most business leaders have encountered statistics at some point in their careers, but I suspect for many this was in their undergraduate coursework and they never really looked back. The implication of this is that many businesses do not actively use statistics in their decision-making framework. I think there are two reasons for this. First, they may be interested in applying statistics but the cost is prohibitive. SAS and SPSS are expensive packages for small and medium sized businesses.

Need An Advanced Statistics Solution? Use R.

Submitted by Jonathon Neil on Tue, 09/11/2012 - 10:00

I feel when it comes to statistics businesses can be classified into three categories:

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