As March gives way to April, there are lessons in analytics for college basketball fans learning the challenges of predicting unexpected Final Four teams and college applicants getting news of acceptance or rejection. When those packets arrive for the Class of 2014 students should know about data analysis, yield and how the process is managed. Harvard University’s admission rate dipped below 7 percent this year, as the number of applications topped 30,000 for the first time, the college said. Among other Ivy League schools, Dartmouth College saw a 3.5 percent increase in applicants to 18,778 looking to “Go Green.” It saw the admissions rate drop by 1 percent to 11.5 percent, according to The Boston Globe.
Websites like College Data offer to help forecast your odds of acceptance but analytics and yield management would be more useful. The key is in finding the proper balance of acceptances and forecasting how many choose to enroll. Select too many and you might have over-crowded classes and dorms. Too few and it may not be enough to cover expenses.
Analytics helps airlines price and analyze each seat’s value before a plane takes off. Striking the most cost-effective balance with minimum waste or inefficiency is what makes those packets large (or small) when they reach your mailbox.
Good luck wherever your work, brackets or study takes you.
Spotfire Blogging Team
Image Credit: Microsoft Office Clip Art