Basic Excel Business Analytics #01: Basic Business Analytics using Excel

Basic Excel Business Analytics #01: Basic Business Analytics using Excel


Welcome to Highline Class
BI 348, video number one. This class is about the
basics of business analytics using Excel, and in
this video, we’re just going to look at the
definition of business analytics. And then we’ll get busy
in video number two using Excel to do
business analytics. Slide number three. Hey, we want to remind
ourselves there’s a bunch of prerequisites
for this class. We did a lot of data analysis in
Business 216 and Business 218. This is a computer class, this
is a straight advanced Excel class. And in statistical
analysis, Business 210– those were all
the prerequisites. And guess what? The definition of data analysis
in Business 216 and 218 is right here. And it’s pretty close
to the definition we’re going to use for our BI class. Now, definition
of data analysis. Converting raw data
into useful information for decision makers. Now in these two
classes, we just learned how to use
the computer programs. In Business 210, we use
statistical methods. And our definition there of
statistics– which is really a definition of a type
of data analysis– we defined it as,
statistics is the art and science of collecting,
analyzing, presenting and interpreting raw data
to make informed decisions. Notice the essence
is the same here. We have some raw data,
and we’re converting it into useful information
for decision makers. In 210, we used basic
descriptive statistics, probability, probability
distributions, hypothesis testing,
and other methods. Hey, here is our
definition for this class. Business analytics,
straight from the textbook–
scientific process of transforming data into
insight for better decisions. So the base definition of data
analysis is still the same. We have some data and we need
to convert it into information to make decisions. Now let’s go to our
next slide, slide four. There’s the definition,
straight from our textbooks. Other ways of describing what
we’re going to do– hey– data driven decision making,
fact-based decision making. And the scientific
process just means we’re going to be using
queries, linear regression, and optimization. Now in our Business
216 and 218, we did queries to extract useful
data from our raw data. In Business 210, we did
basic linear regression. In this class, we’ll
get to learn more about linear regression. And then optimization
is something specific to this class that
we have not done so far. Now, business analytics
has three parts. Descriptive statistics, that’s
just describing the past. Predictive analytics,
building models that help us predict
the unknown future. And prescriptive
statistics build models that help predict the
best course of action. Next slide. Descriptive analytics,
here are some examples. Data queries like a
filter in Excel or Access. We did those in
Business 216 and 218. Reports like an
income statement, or regional report, or a pivot
table with multiple criteria– we did that in all of
the prerequisite classes. Descriptive statistics–
mean, median mode, standard deviation,
correlation– we did those in
210, and we’ll have a review of that in this class. Data visualization, we did that
in all the pre-req classes. Charts, tables,
conditional formatting. What if models,
we did that in all of the prerequisite classes. That just means– a what
if model– that means we build our model with some
assumptions or formula inputs. We’d change the
formula inputs and then and everything updates. And data dashboards, we have not
done that in the pre-req class. But that just is one
we collect together items, such as tables, charts,
descriptive statistics that will update as new data arrives. Next slide,
Predictive Analytics. Some examples–
linear regression. We did a little bit of
that in Business 210. Well get to do a lot
more of that here. We’ll do time series
analysis and forecasting. And a topic that is part
of predictive analytics that we will not get
to is data mining. Next slide,
prescriptive analytics. Examples– optimization,
simulation, and decision analysis.
, Now optimization, we’ll get to do some basic
optimization models in this class. Some basic simulation using
native Excel functions. And decision analysis we
will not cover in this class, although we did do a little
bit of this in Business 210. Now, let’s go back
to slide number four. Business analytics–
descriptive, predictive, prescriptive. Next video, video
number two, will start with
descriptive analytics, where we build what if models. And we’ll talk about how to
build good spreadsheet models. All right, we’ll
see you next video.

27 Comments

  1. Sasuke Uchiha says:

    I'm pretty excited for this series.

    Currently I'm working on integrated financial statements and I almost finish it but I'm not happy with the way I build it while it's correct.

    it's quite complicated and I used long formula sometime using IF statement.

    definitely will gain a lot of excellent performance next time after seeing your videos..

    Thanks a lot…

  2. Tim Kind says:

    I am looking forward to this series! I love the way you teach, keep it up.

  3. Ahmed Ismail says:

    Excited for this series.

  4. M. Alomery says:

    Thank you sir

  5. Astha Tripathi says:

    Hi there, I would like to say a big thank you as your all the videos are really very helpful. You are really genius..Just wanted to request if you also have tutorials for SQL, SAS and SPSS.. Reading through books is not that easy, I wish I f you had one of SQL tutorial too..Thanks

  6. ExcelIsFun says:

    You are welcome +Carlos Barboza!!!! (not so much a master, as just a guy having fun with Excel!!!)

  7. Benny Hill says:

    Excellsfun, I can't find the Busn216 and Busn218, where are they?

  8. ExcelIsFun says:

    @Benny Hill,

    Busn 216: https://people.highline.edu/mgirvin/AllClasses/216_2003/216/busn216.htm
    Busn 218: https://people.highline.edu/mgirvin/AllClasses/214_2013/214/Busn214_2013.htm

  9. nicholas Bradford says:

    Whats the name of the textbook?

  10. Federico Perozzi says:

    Hi, i would like if you could tell me what videos should i watch to improve my excel skills if i am in the area of sales in a company.

    Thanks, love your channel.

  11. James Cheong says:

    Amazing and fantastic series – already on #47 and finding this set of videos incredibly insightful

  12. Syeed Shah says:

    Hi Mike, Do you recommend I should start with 216 and 218 before starting 348 or just dive straight into 348? I just wanted to say you are classes are awesome by the way.

  13. Barth Obiefuna says:

    Mike thanks so much for this series. Useful alot!

  14. Marc Andrew Pinto says:

    Who are you? My H
    ero. You have had some amazing videos in the past and this series is going to be exciting

  15. mogtrader8 says:

    The playlists you have arranged really helps. Do you have more for Business Analytics? Thanks.

  16. Wesley Repta says:

    This is an outstanding GREAT VIDEO! AWESOME JOB WITH THIS MIKE!!

  17. Mauricio Oliveira says:

    These classes are awesome! Thanks for being here, willing to share your knowledge with so much passion and dedication. You are a hero!

  18. Kaimaa says:

    Once I thought that you were a excel program developer, weren't you?
    You are my great teacher.

  19. Gerry Pomanski says:

    Every time I try to download the workbook example they must be corrupted since they do not open, I keep getting a disk pace/memory error message. I checked with other files and my excel works fine.

    Anybody else have the same problem?

    How can I get the files.

    [email protected]

  20. Edda Petrosyan says:

    Thanks a lot you are great man. God bless you and your family.

  21. Jean Kabese says:

    For the junior financial analyst that I am these series of videos are heaven sent. Thank you very much for sharing!

  22. Canadian Anarchist says:

    This is by far my most favourite YT chanel – I have learnt so much in such a short time. I am so greatful for this. Thank You for make all this information available to us.

  23. Eidui X says:

    These videos are very useful, thank you for sharing.

  24. Ismail Ismaili says:

    I started this because i think it has so many things that belong to my work

  25. Doris sweanapo says:

    exciting to start this new section!!!!

  26. XenSource Consulting says:

    Hi, a big thanks to you for all your efforts around 'Basic Excel Business Analytic'. Would it be possible for you to share the presentation slides with me on [email protected]? Thanks in advance.

  27. Bhavna Thakkar says:

    Excellent Video's. Thank You.

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