Code Date City Venue Fees
MG320 30 Sep - 04 Oct 2019 California - USA TBA $6,950 Register
TBA* = To be Announced   |  All fees are exclusive of VAT
Home » Seminars » Management & Leadership » Practical Econometrics for Managerial Decision Making

Introduction

This GLOMACS Practical Econometrics for Managerial Decision Making training seminar focuses on performing high-level multivariate econometric analysis using a range of business and economic data - with an emphasis on design, analysis, and drawing sound inferences to support strategic and operational decision-making. It's no longer specialty PhDs with $10,000 software packages doing high-end econometrics.

This GLOMACS training course dispels all the myths and misconceptions about intuitive multivariate modeling and analysis, making it practical-accessible for all managers using inexpensive software applications that work within industry standard Excel spreadsheets. 

This GLOMACS training seminar will highlight:

  • Working with a range of multivariate models, variables, and statistical output
  • Modeling and hypothesis design, variable-selection, and managing Big-Data
  • Developing original research projects, relational hypotheses, and parameters for inferences
  • Understanding benefits and costs of primary data vs. secondary data for research
  • Use of cross-sectional, time-series, longitudinal, and pooled cross-sectional data sets
  • Comparing original research output with published research results on various topics
  • Critical review, analysis, and critique of research models, methods, and conclusions drawn

Objectives

At the end of this GLOMACS training seminar, you will learn to:

  • Design-produce an original research study
  • Collect and format various types of data
  • Perform different models of multivariate econometric analyses
  • Analyze detailed statistical output from econometric model-software
  • Draw inferences to support high-level managerial decision-making
  • Write a detailed, yet succinct, executive summary of research findings

Training Methodology

This GLOMACS training seminar will use an inductive reasoning approach for introducing new terms-concepts-models-methods, followed with highly interactive case-discussion, and small-group team case projects applied directly to the attendees’ firms/organizations. The main focus is “hands-on” doing high level econometric modeling, analysis, and interpretation of statistical results.

Organisational Impact

Attendees will have immediate Return-On-Investment (ROI) to their own firms / organizations by bringing those requisite skills, models, and research practices directly to their workplace and colleagues.  The Return-On-Investment (ROI) is that attendees will be ready to demonstrate these tangible skills and competencies:

  • Review, interpret, and critique existing/published econometric research studies
  • Design and implement original econometric research for their firm, market, and industry
  • Write high-level executive summaries with insights-inferences from econometric statistics
  • Convert generic Big Data into actionable-intel that improves organizational performance

Personal Impact

Attendees will further their own professional development by: 

  • Understanding key nuances, terminology, modeling of contemporary econometrics
  • Gaining a new managerial mindset about “best practices” for applied business research
  • Enhancing their use of formal and objective econometric models and statistical outputs
  • Being able to objectively assess existing econometric studies’ data, output, and conclusions
  • Learning proactive forward-thinking approaches to managing Big Data toward research design
  • Bringing practical common-sense econometrics to both in-house and client-facing projects

Who Should Attend?

This GLOMACS training course is suitable to a wide range of professionals but will greatly benefit: 

  • Research and Development / Product Development Teams looking for direct connections
  • Business Development Staff looking to proactively open up new opportunities
  • Financial Officers looking to design-execute original finance-accounting econometric research studies
  • Revenue Officers looking to develop new forms and insights for marketing and competition research
  • Board Members looking to fully monetize Big Data for the shareholders / stakeholders

Seminar Outline

Day 1

Overview of Contemporary Econometrics and Decision Models 

  • Model Design, Hypotheses, Variables, Structure, Outcomes
  • Quantitative and Qualitative Inputs  
  • Applications: From Wall Street to Marketing to Production to Consumer Behavior
  • Software Options
  • Linking Models and Confirmation Metrics

Day 2

Understand Different Forms and Types of Research Data

  • Cross Sectional Samples
  • Time Series Sequences
  • Longitudinal Tracking
  • Pooled Cross Sectional Aggregation
  • Primary Data Costs and Acquisition
  • Secondary Data Costs and Acquisition
  • Descriptive Outcomes vs. Predictive Outcomes
  • Dummy Variables / Indicators / Surrogates

Day 3

Model and Hypothesis Design as Keys to Managing Big Data  

  • Targeted Outcomes Determine Input Formations
  • Single-Variable vs. Multi-Variable Descriptors and Predictors
  • Punctuated Trending vs. Real-time Fluidity
  • Static Formations vs. Dynamic-Changing-Active Learning Models
  • Correlation and Association vs. Cause-And-Effect
  • Building Real Models for Delegates’ Firms, Industries, Markets

Day 4

Designing Original Models for Your Firm, Competitive Market, and Industry 

  • Categorizing Decision Areas and Coordinating Data Availability  
  • Micro-economic vs. Macro-economic Decisions
  • Indicators, Lagged Variables, Barometers / Bellwethers  
  • Running Several Rounds of Differing Regressions
  • Managing Databases of Targeted Variables
  • Problems of Multi-collinearity
  • Problems of Auto-correlation

Day 5

Presenting and Evaluating-Critiquing Original Econometric Findings

  • Drawing Inferences Rather than Conclusions
  • Caveats of Explaining Variance
  • Individual and Team Presentations and Discussion-Interaction-Critique
  • Confidence Intervals in Econometric Forecasts
  • Packaging Analysis-results for Optimum Explanation
  • Problems with Overreach from Statistical Outputs
  • Personal-Managerial Bias Impacts Interpretation
  • Distilling Data Output into Actionable Intel
  • Disseminating Data Output for Maximum Decision Making Impact

Accreditation

  • Quality Logo

In Association With

Oxford Management Centre

Oxford Management Centre

A GLOMACS - Oxford Management Centre collaboration aimed at providing the best training services and benefits to our valued clients

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