The Complete Guide to Business Analytics (Collection)

5Applying the FAROUT Method

Choosing from an increasing array of techniques can be one of the most difficult tasks facing an analyst. Research of the use of conceptual tools and techniques suggests that executives heavily support the idea that executives who use the right tools will succeed, while simultaneously recognizing that most tools over-promise and under-deliver results.¹ We think one of the reasons this is believed is that the tools selected and used by analysts are frequently incorrect and inappropriate to their needs.

There are hundreds of analytical tools and techniques identified in the literature.² Some techniques are briefly referred to, while others are treated through book length treatises. Many more are applied in unique or ...