Here is another valuable Management Tip of the Day from Harvard Business Review. To sign up for a free subscription to any/all HBR newsletters, please click here.
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Analytics is becoming a competitive necessity for many managers. Even if it’s not part of your job description, there’s a good chance you at least need to understand the basics. Here’s how to get started:
o Get educated. Enroll in an executive education class, read books and articles, or take an online course to learn the fundamentals.
o Form relationships with your team’s quants. Show them that you value their skills and expertise. Help them understand the business so they can help you make the best decisions
o Establish open communication. Ask your quants lots of questions to make sure you know the estimates and assumptions in your data. Don’t be afraid to admit what you don’t know.
o Respect the data. Figure out the key metrics you need, then run experiments to test them. Data – not instincts or opinions – should drive your decision making.
Adapted from “How to Work Confidently with Numbers People,” by Rebecca Knight.
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Also, you may wish to check out an anthology, Management Tips from Harvard Business Review, by clicking here.