Start your free trial now, and begin learning software, business and creative skills—anytime, anywhere—with video instruction from recognized industry experts.

Wayne Winston on Analytics

with Wayne Winston

Video: What is analytics?

Award-winning mathematics professor Wayne Winston explains how analytics can help your organization identify patterns in data and make better, more comprehensive decisions.
please wait ...
Wayne Winston on Analytics
Video duration: 0s 50m 42s Appropriate for all


Data—whether it's sales, stock prices, or test scores—helps organizations measure their performance, but it's analytics that helps them identify patterns and make better, more comprehensive decisions. In this interview, awarding-winning mathematics professor Wayne Winston sits down with us to explain why analytics are important, and offer guidance for those trying to break into the field as an analytics professional. He also explains how analytics can provide insights into supply chains, marketing, and financial data, and help cities, school systems, and hospitals better meet the needs of the public.

Topics include:
  • What is analytics?
  • Predictive vs. prescriptive analytics
  • What do you need to know to become an analytic professional?
  • Looking at examples of good and bad metrics
  • How mobile devices will shape analytics
Business IT

What is analytics?

Well for a long time companies have been using data to try and make better decisions, so analytics is simply a new buzz word to apply to that process. And the word analytics I believe comes from a book Computing on Analytics written by Thomas Davenport around 2005, 2006 and that book popularize the word analytics simply using that for any situation which an organization is trying to use data. To improve their decision making and do better with regards to their cor, their objectives. So, let's give you a couple of examples of organizations that might use analytics.

So let's suppose you're in the education profession, you might be a K through 12 teacher. You might be a college professor. You might be an administrator. So what are some objectives you have? Well one objective is to make the kids in K through 12, more ready for college or the workforce. And so basically, how can you use data to basically improve that? You might work for a company that's goal is to make money, unlike K through twel, unlike the education business, so I think you probably would like to help your company make a higher profit. So how can we use data to help our company make a higher profit? You might work for a non- profit like the Gates Foundation.

The Gates Foundation's goal is fairly simple. Given the amount of money they spend, in most cases, save the most lives. So, basically, can we use data to figure out what's the most efficient way per dollar spent to save lives? Obviously there could be almost no more objective than that. Well, another situation where you might want to use analytics, is when you're trying to basically save for retirement, which we all are doing unless we're retired and then we want to make our money last as long as possible. So the question would be, how should we allocate our assets so we have a minimum level of risk that gives us a desired expected return.

We can put everything in a very risky investment but. If you had bought NASDAQ at 5,000 in 1999, NASDAQ probably won't see 5,000 again for a bunch of years, and so basically you would've lost a lot of money. So using analytics and what we call portfolio optimization is a very important tool. Well, all of use are concerned with our personal health. And then healthcare we know, is basically (INAUDIBLE) in the United States and other countries with a lot of money. And the outcomes the United States achieves relative to other countries, is just not that good for the amount of money we spent.

So how can we use data to improve healthcare outcomes and also possibly reduce healthcare costs? So those examples should give you some feel, for where analytics are using data to solve, to make better decisions, will be helpful.

There are currently no FAQs about Wayne Winston on Analytics.






Don't show this message again
Share a link to this course

What are exercise files?

Exercise files are the same files the author uses in the course. Save time by downloading the author's files instead of setting up your own files, and learn by following along with the instructor.

Can I take this course without the exercise files?

Yes! If you decide you would like the exercise files later, you can upgrade to a premium account any time.

Become a member Download sample files See plans and pricing

Please wait... please wait ...
Upgrade to get access to exercise files.

Exercise files video

How to use exercise files.

Learn by watching, listening, and doing, Exercise files are the same files the author uses in the course, so you can download them and follow along Premium memberships include access to all exercise files in the library.

Exercise files

Exercise files video

How to use exercise files.

For additional information on downloading and using exercise files, watch our instructional video or read the instructions in the FAQ .

This course includes free exercise files, so you can practice while you watch the course. To access all the exercise files in our library, become a Premium Member.

* Estimated file size

Are you sure you want to mark all the videos in this course as unwatched?

This will not affect your course history, your reports, or your certificates of completion for this course.

Mark all as unwatched Cancel


You have completed Wayne Winston on Analytics.

Return to your organization's learning portal to continue training, or close this page.


Upgrade to View Courses Offline


With our new Desktop App, Annual Premium Members can download courses for Internet-free viewing.

Upgrade Now

After upgrading, download Desktop App Here.

Become a Member and Create Custom Playlists

Join today and get unlimited access to the entire library of online learning video courses—and create as many playlists as you like.

Get started

Already a member?

Log in

Exercise files

Learn by watching, listening, and doing! Exercise files are the same files the author uses in the course, so you can download them and follow along. Exercise files are available with all Premium memberships. Learn more

Get started

Already a Premium member?

Exercise files video

How to use exercise files.

Ask a question

Thanks for contacting us.
You’ll hear from our Customer Service team within 24 hours.

Please enter the text shown below:

Exercise files

Access exercise files from a button right under the course name.

Mark videos as unwatched

Remove icons showing you already watched videos if you want to start over.

Control your viewing experience

Make the video wide, narrow, full-screen, or pop the player out of the page into its own window.

Interactive transcripts

Click on text in the transcript to jump to that spot in the video. As the video plays, the relevant spot in the transcript will be highlighted.

You started this assessment previously and didn’t complete it.

You can pick up where you left off, or start over.

Resume Start over

Learn more, save more. Upgrade today!

Get our Annual Premium Membership at our best savings yet.

Upgrade to our Annual Premium Membership today and get even more value from your subscription:

“In a way, I feel like you are rooting for me. Like you are really invested in my experience, and want me to get as much out of these courses as possible this is the best place to start on your journey to learning new material.”— Nadine H.

Thanks for signing up.

We’ll send you a confirmation email shortly.

Sign up and receive emails about and our online training library:

Here’s our privacy policy with more details about how we handle your information.

Keep up with news, tips, and latest courses with emails from

Sign up and receive emails about and our online training library:

Here’s our privacy policy with more details about how we handle your information.

submit Lightbox submit clicked
Terms and conditions of use

We've updated our terms and conditions (now called terms of service).Go
Review and accept our updated terms of service.