MODULE 2 - (Ask Questions To Make Data-Driven Decisions)
MODULE 2 - (Ask Questions To Make Data-Driven Decisions)
Week-1
Solve problems with data
● Making predictions
● Categorizing things
● Spotting something unusual
● Identifying themes
● Discovering connections
● Finding patterns
Making predictions
A company that wants to know the best advertising method to bring in new customers is an
example of a problem requiring analysts to make predictions. Analysts with data on
location, type of media, and number of new customers acquired as a result of past ads
can't guarantee future results, but they can help predict the best placement of
advertising to reach the target audience.
Categorizing things
An example of a problem requiring analysts to categorize things is a company's goal to
improve customer satisfaction. Analysts might classify customer service calls based on
certain keywords or scores. This could help identify top-performing customer service
representatives or help correlate certain actions taken with higher customer satisfaction
scores.
Identifying themes
User experience (UX) designers might rely on analysts to analyze user interaction data.
Similar to problems that require analysts to categorize things, usability improvement
projects might require analysts to identify themes to help prioritize the right product
features for improvement. Themes are most often used to help researchers explore
certain aspects of data. In a user study, user beliefs, practices, and needs are examples of
themes.
By now you might be wondering if there is a difference between categorizing things and
identifying themes. The best way to think about it is: categorizing things involves assigning
items to categories; identifying themes takes those categories a step further by grouping
them into broader themes.
Discovering connections
A third-party logistics company working with another company to get shipments delivered
to customers on time is a problem requiring analysts to discover connections. By analyzing
the wait times at shipping hubs, analysts can determine the appropriate schedule changes
to increase the number of on-time deliveries.
Finding patterns
Minimizing downtime caused by machine failure is an example of a problem requiring
analysts to find patterns in data. For example, by analyzing maintenance data, they might
discover that most failures happen if regular maintenance is delayed by more than a 15-day
window.
Strategic
Focuses on long term goals and strategies at the highest level of metrics.
Operational
Analytical
The net profit over a period of time and the cost of investment.
Here are some challenges you might face when working with big
data:
● A lot of organizations deal with data overload and way too much
unimportant or irrelevant information.
● Important data can be hidden deep down with all of the non-important
data, which makes it harder to find and use. This can lead to slower
and more inefficient decision-making time frames.
● The data you need isn’t always easily accessible.
● Current technology tools and solutions still struggle to provide
measurable and reportable data. This can lead to unfair algorithmic
bias.
● There are gaps in many big data business solutions.
Now for the good news! Here are some benefits that come with big
data:
● When large amounts of data can be stored and analyzed, it can help
companies identify more efficient ways of doing business and save a
lot of time and money.
● Big data helps organizations spot the trends of customer buying
patterns and satisfaction levels, which can help them create new
products and solutions that will make customers happy.
● By analyzing big data, businesses get a much better understanding of
current market conditions, which can help them stay ahead of the
competition.
● As in our earlier social media example, big data helps companies keep
track of their online presence—especially feedback, both good and
bad, from customers. This gives them the information they need to
improve and protect their brand.
When thinking about the benefits and challenges of big data, it helps to
think about the three Vs: volume, variety, and velocity. Volume describes
the amount of data. Variety describes the different kinds of data. Velocity
describes how fast the data can be processed. Some data analysts also
consider a fourth V: veracity. Veracity refers to the quality and reliability
of the data. These are all important considerations related to processing
huge, complex data sets.
Week-3
Working with spreadsheets
● Deliverables
● Timeline
● Milestones
● Reports.
● Executive team
● Customer-facing team
● Data science team
Limitations of data
Tell a clear story
● Compare the same types of data: Data can get mixed up when
you chart it for visualization. Be sure to compare the same types
of data and double check that any segments in your chart
definitely display different metrics.
● Visualize with care: A 0.01% drop in a score can look huge if you
zoom in close enough. To make sure your audience sees the full
story clearly, it is a good idea to set your Y-axis to 0.
● Leave out needless graphs: If a table can show your story at a
glance, stick with the table instead of a pie chart or a graph. Your
busy audience will appreciate the clarity.
● Test for statistical significance: Sometimes two datasets will
look different, but you will need a way to test whether the
difference is real and important. So remember to run statistical
tests to see how much confidence you can place in that
difference.
● Pay attention to sample size: Gather lots of data. If a sample
size is small, a few unusual responses can skew the results. If you
find that you have too little data, be careful about using it to
form judgments. Look for opportunities to collect more data, then
chart those trends over longer periods.
Amazing teamwork
If you are organizing the meeting, you will probably talk about the data.
Before the meeting:
A solid meeting agenda sets your meeting up for success. Here are
the basic parts your agenda should include:
As the leader of the meeting, it's your job to guide the data discussion.
With everyone well informed of the meeting plan and goals, you can
follow these steps to avoid any distractions:
Even with the most careful planning and detailed agendas, meetings can sometimes
go off track. An emergency situation might steal people’s attention. A recent
decision might unexpectedly change requirements that were previously discussed
and agreed on. Action items might not apply to the current situation. If this
happens, you might be forced to shorten or cancel your meeting. That's all right;
just be sure to discuss anything that impacts your project with your manager or
stakeholders and reschedule your meeting after you have more information.
Quick Review
Week-1
● Six problem types
● Things to avoid while questioning
● SMART questions
Week-2
● Quantitative and Qualitative data
● Pdf
● Big and small data
Week-3
● Spreadsheet basics
● Spread formula
● Spreadsheet functions
● Structural thinking
● Context
Week-4
● Working with stakeholders
● Communication
● Limitations of data
● How to perform a meeting
Dhamodharan
02/10/2021