SPB 4304 Lecture Notes - Lecture 2: Knowledge Base, Xl Catlin, Actuarial Science
Document Summary
Journal article by mitsloan - required reading for business analytics in sport. Gap between an organization"s capacity of producing analytical result and applying them effectively to business issues. Many executives make critical decisions based on analyses that they do not fully understand. Not fully comfortable making decisions based upon these. Biggest barrier is not translating analytics into business actions. Example: xl group plc- global insurance and reinsurance company in dublin, ireland. Actuarial science: using historical data to understand future risk and uncertainty. Top analytical challenge : developing middle management skills at interpretation. Managers need to be given easier to understand analytics that can actually help drive business decisions. Managers must better consume and apply the analytics their organization produces. Managers are given more access but they do not have all the data they need to make key business decisions. Potential value is lost when data analysts do not understand the business and managers do not fully understand the analytical results.
