There is a balance to be struck between making decisions that are intuitive and those that are based on sound and robust analysis. In Profit from Science: Solving Business Problems using Data, Math, and the Scientific Process, George Danner provides a very clear and digestible description of how to that conduct sound and robust analysis.
The book is highly actionable and takes the reader first thought the scientific method and then onto the several applications of that method, exploiting techniques that are applicable in many modern business settings.
Profit from Science literally explains how science can be used in the analysis of problems that will aid in the generation of profit. And it is in part from our ability to match tools to the problem that our effectiveness in solving business problem lies.
The scientific method is the basis for which more enquiry is undertaken and steps the users through the 4 phases of:
- Setting the Hypothesis.
- Considering a Qualitative model to assess the validity of that hypothesis.
- Considering a Quantitative model to assess the validity of that hypothesis.
- Gathering data and conducting the analysis.
Indeed, I am currently using this exact approach in assessing and recommending where to make a series of the Balance of Investments decisions across a portfolio of projects and programmes where both costed and non-costable benefits are being considered.
Examples from how to calculate the optimum balance between the manufacture of different types of furniture to how to calculate the average rental income from your portfolio of properties, explore different analysis techniques in practical terms.
This is an excellent primer on how to conduct business modelling and the analysis of business problems. With anecdotes and examples of how the disciplined sequence of steps guides the problem solver methodically to a solution, this book condenses very effectively the material that would normally form a much larger text.
In Profit from Science, the reader gains a practical insight and some of the tools to start their own analysis as well as an understanding of the larger subject and pointers to where more detailed support can be sought.
Dare to Aspire