When business performance takes an unexpected turn it can be highly unsettling and can also have serious consequences for the organisation. Businesses not only need to know why something is happening but also how they can improve their performance. All businesses need to know the reasons for success or failure, and if they are within their control, take steps to improve. It’s therefore essential they take steps to understand and measure which variables affect their performance and bottom line.
This course introduces the principles of statistical modelling to help identify the variables that drive business performance and the means of improving performance. Using a mixture of stimulating discussions and real-life case studies, each step will be carefully explained, its relevance to performance improvement highlighted and how the relevant calculations can be done in Excel.
By the end of the session you will have a firm grasp of the principles of modelling and how to build them. You will also have a good understanding of how to build them using in Excel as well as being able to assess the effectiveness of your model in explaining the key drivers of your performance and what needs to happen in order for improvements to be realised.
Session 1: What is modelling and the 4 reasons for building models?
Session 2: How to specify models and the importance of the matrix scatterplot
Session 3: How to build linear regression models using Microsoft Excel?
Session 4: How to decide if your model will help you to understand and improve performance?