Analytics is a vast field. At the one end, it overlaps with statistics and higher mathematics. At the other, it merges seamlessly with programming and software development. There are a lot of good books written on analytics. Not all of them are easily available in the Indian market.Now, however, many of these titles can be ordered from online book stores like www.flipkart.com. The books which have an Indian publisher are usually cheaper whereas foreign publications are more expensive.
We have divided our list of favourite books into two sections. The first section covers books on the fundamentals of analytics and business statistics. We have also included books showcasing applications of analytics in various industries,
The second section consists of books around specific analytic tools or software. These books cover tools like SAS, SPSS, R, SQL and excel.
This is an excellent book on some of the most widely used analytic techniques. It starts off with defining data mining in the current business context and then summarizes some of the best practices in data mining. The book talks about some useful statistical concepts like p-value and chi-square as it takes the readers through the process of building a model. It then goes on to explain analytic algorithms like Decision trees, market basket analysis, clustering, link analysis, clustering and survival analysis. The book is full of useful industry examples.
This is the first book recommended for anyone with an interest in analytics.
This book provides a detailed understanding of the analytics methodology. It lists out several best practices that any good analyst would swear by. The author primarily uses logistic regression as her technique of choice, and SAS and excel as the tools. The book has a very brief description of analytics so make sure you have some understanding of the field of analytics before you get to this book.
This is a much-needed addition to the literature of analytics. This book does not deal with any statistical equations or complex algorithms. The book, instead, describes how some of the leading companies in the world are using analytics to out-smart their competition. The book is full of case studies of successful application of analytics from fields as diverse as retail to pharmaceuticals to sports to telecom. This book is a valuable resource for anyone interested in understanding how companies like Amazon, Netflix and Capital One have developed analytics as their key differentiator.
This is a great guide for statistics used in the field of analytics. Starting from simple central tendency measures to probability distributions to decision theory, this book covers the essentials of business statistics. It is used as course book in most management institutes in India. This book is recommended for anyone interested in the field of Statistics.
Freakonomics is an easy, interesting read, even for people who do not understand Statistics. The author uses the power of analytics to turn conventional wisdom on its head. With hypotheses like ‘Legalization of abortions has led to crime reduction’the book throws up some very interesting questions for its readers. A must-read for everyone.
A good introduction to analytics, the book has an easy style that will appeal to beginners. Some of the more complex topics may not be adequately addressed but a good book as an introduction.
A book on the use of analytics in the sports industry. The book studies Oakland Athletics a US baseball team with a payroll budget of less than a 3rd of some their rivals. Despite being small they have consistently been one of the best teams. The author shows how they leveraged analytics to get their advantage. OA analyzed metrics that were different from the ones traditionally looked at, but which they thought were more relevant to winning. A good example of analytics being used innovatively.
A very good book to learn SAS. The book is easily readable since it is composed of two-pages articles. Each one focuses on a specific task or function of SAS. The book is divided in 10 chapters that go through reading data sets, building reports, combining data sets, writing macros, using grahics, debugging SAS programs, etc. The book is a good reference for simple tasks. Any simple task you don’t know? Just look in the index and you will find the corresponding function. However, for more advanced topics, the book is a bit light. Well, that’s what the title also says.
If you are a beginner in SAS you will find this book useful. The book is simple and easy to read with many industry examples for better understanding. The book deals with the essentials of analytics and reporting using SAS. It is one of the best books available for beginners in SAS.
This thin book provides a solid introduction to many of the most useful functions and packages for importing, manipulating and processing data in R. Using a variety of examples based on data sets included with R, along with easily simulated data sets, the book is recommended to anyone who wants to learn R.
The author has a gift of explaining statistical intricacies in simple, easy to understand language. This is one of the best books on learning statistics through SPSS.
A good book on understanding how tools like SQL and Excel can be leveraged to extract useful business information from relational databases. The book is organized around chapters that become increasingly complex in the use of SQL, Excel, and data mining concepts.
Readers have written to me with names of many other books that can be added to this list. Here are some of them –
This is a great starting text for those who already know SAS or SPSS and want to switch to R. This book takes some of the most fundamental concepts such as data input, statistical analysis, data output etc. and shows how these steps can be performed in SAS and SPSS and then goes on to show its equivalent programs in R.
The book manages to reduce confusion for those transitioning from SAS/SPSS to R and is a great text for starting off in R.
Data preparation is the most critical step in the process of data analysis. In most cases it also takes up the most amount of time in a project, but unfortunately it often gets overlooked in comparison to the more glamorous predictive modeling techniques. This book places the focus back on data preparation. The author describes some clever data preparation techniques that any analyst will benefit from.
I recently read a couple of absolutely mind blowing books by the author Nicholas Nassim Taleb.
Both the books need to be mentioned under the “must-read” list of analytic books.
Fooled by Randomness by Nicholas Nassim Taleb
This is an excellent book that shows us the pitfalls of using statistical analysis without completely understanding what we are doing. The book predicted the 2009 home loan market crisis and even mentions (in one of the footnotes) how Fanny Mae is disaster waiting to happen.
The Black Swan by Nicholas Nassim Taleb
This book continues with the same theme but has a lot more real-life examples to draw the reader in. The author talks in detail about the curse of the Bell curve – how the assumption of a normal distribution for real-world phenomena can lead to severe consequences. You will soon see many more articles on this blog inspired by The Black Swan.
Applied Linear Regression Model by Kutner, Nachtsheim, Neter
A very good book that blends both theory and the application of regression models in real life situations. It covers concepts such as model selection & validation, logistic regression, regression trees and neural netwroks. It emphasizes the importance of computation in Statistics & modelling rather than merely driving the results from analytical softwares.
Basic Econometrics by Damodar N. Gujarati
In this book Econometric modelling is discussed in-depth with real-time data. It covers all forms of regression analysis including time-series analysis. There are several topics related to data issues one would encounter in the modelling phases. The latest edition comes with CDs with more detailed information.
SAS Macro Programming made easy by Michele M. Burlew
This task-oriented book will guide you step-by-step through the fundamentals of the SAS macro facility. This book is handy for any SAS macro programmer. It discusses in detail topics like macro facility, macro techniques, and the interface between the macro facility and other components of the SAS system. As you use the book you will understand the advantages of macro programming and learn step-by step how to write a macro program.
Building Data Mining Applications for CRM by Alex Berson, Stephen Smith & Kurt Thearling
This book discusses the application of data-mining to your organization. Solutions are provided with illustrations using the data. It guides the team in project formulation and also assists in creating a business case from the data in hand.
Winning Telecom Customers using Marketing Databases by Rob Mattison
This book helps you in formalizing strategic objectives for telecommunications marketing campaigns. It guides you in creating effective marketing prograsm from the marketing budget. It also helps the organization in building the marketing database in order to leverage the billing system and call information. It explores practical application such as modelling, campaign planning, statistical analysis through marketing media, including direct marketing.
An Introduction to Statistical Learning with Application in R by Gareth James, Daniela Witten, Trevor Hastie, Robert Tibshirani
A wonderful book on application of statistical methods through R softwares. With the explosion of Big-Data problems, statistical learning has become a very hot field in many scientific areas as well as marketing, finance and other business disciplines. Thus it is appropriate for individuals who are trained in analytical coaching centers and who wishe to use statistical learning tools to analyse their data.
Statistics for Business and Economics by Anderson, Sweeney & Williams
The book covers all fundamental topics in Statistics and emphasizes its application in Business and Economics. Every chapter is well structured with detailed illustrations and exercises. The problems in examples are taken from various industries. A basic mathematical knowledge would suffice in understanding the concepts and the theory behind each topic.
The little SAS book by Lara & Susan
The little SAS book by Lara & Susan is a great book for any beginner in SAS software. It includes performing basic statistics in sas coding. Most of the topics are dedicated to reading the data of different format into SAS environment, working with your data, how to sort, print and summarize the data, enhancing your output with ODS, modifying and combining the dataset,etc. An international bestselling book and also freely downloaded from http://www.sas.com/storefront/aux/en/splsb/65423_excerpt.pdf