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Profit Driven Business Analytics by Cristian Bravo, Bart Baesens, Wouter Verbeke

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CHAPTER 1A Value-Centric Perspective Towards Analytics

INTRODUCTION

In this first chapter, we set the scene for what is ahead by broadly introducing profit-driven business analytics. The value-centric perspective toward analytics proposed in this book will be positioned and contrasted with a traditional statistical perspective. The implications of adopting a value-centric perspective toward the use of analytics in business are significant: a mind shift is needed both from managers and data scientists in developing, implementing, and operating analytical models. This, however, calls for deep insight into the underlying principles of advanced analytical approaches. Providing such insight is our general objective in writing this book and, more specifically:

As such, we envision that our book will facilitate organizations ...

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