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Data Analytics Lecture 2

The document discusses the process of data analysis, including preparing by defining a specific, measurable, relevant and time-bound problem statement, analyzing data to gain insights, and considering how to present findings based on the intended audience. Key steps are preparing by understanding the problem, analyzing available data to discover relationships and insights, and presenting valuable insights to address the problem statement for the intended audience.

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Joseph Christian Estrella
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10 views

Data Analytics Lecture 2

The document discusses the process of data analysis, including preparing by defining a specific, measurable, relevant and time-bound problem statement, analyzing data to gain insights, and considering how to present findings based on the intended audience. Key steps are preparing by understanding the problem, analyzing available data to discover relationships and insights, and presenting valuable insights to address the problem statement for the intended audience.

Uploaded by

Joseph Christian Estrella
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Data Analytics

Lecture 2
What things that you should consider in
creating a product?
The Process of Data Analysis

Prepare

Analyse

Consider
Prepare

• We consider what we are doing, why, for whom and how


it might achieved.
• An excellent place to start thinking is with the Problem
Statement.
• Problem Statement – is a concise description of a
problem or issue that needs to be addressed.
A Good Problem Statement Should be:

• The problem should be clearly defined and focused without being to broad.
SPECIFIC

• The problem should be measurable so that the progress towards resolving it can be tracked
MEASURABLE

• The problem should be relevant and important and have a direct impact on the organization or individual
RELEVANT

• The problem should have a clear deadline or timeframe for resolution


TIME BOUND

• The problem statement should be free of personal opinions or biases and instead based on facts and evidences
OBJECTIVE
Customer Service

• There is a significant increase in customer complaints about


log wait times at our restaurant, leading to decreased
customer satisfaction and repeat business. We need to find a
solution to reduce wait times and improve customer
experience by the end of Q2 2023
Retail

• Our store is facing a decline in sales due to increase


competition from online retailers. We need to find solution to
increase sales and improve customer engagement by the end
of Q3 2023
Education

• Student performance in mathematics at our school is


consistently below average, leading to a low graduation rate
in STEM Fields. We need to find a solution to improve student
performance in mathematics by the end of 2022 -2023 School
Year.
To whom are you doing the analysis?
How you are going to tackle the
analysis?
• What data do I have / can access?
• What do I need to do to it to begin exploring the issues?
• What are the limitations of the data? What can and cant it tell me?
Analyse

• The common mistake would analysts make is thinking that


turning data into information is the extent of the role and that
they can hand this over for someone else to use.
• What you really producing is VALUE.
• What are you trying to achieve, why and for whom dicates the
output that is valuable.
Some People will tell you that good
analysts always produces INSIGHT
Insight

• The broad definition of insight is a deep understanding of a


situation.
• It refers to an analyst or business use discovering a pattern in
data or a relationship between variables that didn’t previously
know existed.
• It can have tremendous value to an organization
• This is the most value-adding activity of the data analysis
function
We are know initially concerned with
discovering the shape of data.
With the benefit of domain knowledge,
you can come up with better hypotheses
more quickly.
Consider
• Which aspects in your analysis to include in your presentation back to
your customer.

• A common mistake is to think that everything of value is relevant or even


that everything relevant is value.
• Relevance – addresses the problem statement
• Your analysis must address the problem statement in a manner suited to
the audience.
How present your findings?
• Seniority
• Ability to Influence
• Intended Use
• Data Literacy

• Personal Taste

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