Ask questions to make data-driven decision making Flashcards
Structured Thinking
The process of recognizing the current problem or situation, organizing available information, revealing gaps and opportunities, and identifying the options.
Problem
Determine what advertising method is best for reaching anywhere gaming repair’s target audience.
Problem
Determine what advertising method is best for reaching anywhere gaming repair’s target audience.
6 Common Types of Problems
1) Making predictions
2) Categorizing things
3) Spotting something unusual
4) Identifying themes
5) Discovering connections
6) Finding patterns
6 Common Types of Problems
1) Making predictions
2) Categorizing things
3) Spotting something unusual
4) Identifying themes
5) Discovering connections
6) Finding patterns
Making predictions
Using data to make an informed decision about how things may be in the future.
Categorizing things
Assigning information to different groups or clusters based on standard features.
Spotting something unusual
Identifying data that is different from the norm.
Identifying themes
Grouping categorized information into broader concepts.
Discovering connections
Finding similar challenges faced by different entities and combining data and insights to address them.
Finding patterns
Using historical data to understand what happened in the past and is therefore likely to happen again.
SMART Targets
Specific, Measurable, Action-oriented, Relevant, Time bond
Specific:
Specific questions are simple, significant, and focused on a single topic or a few closely related ideas.
Specific Questions Example?
1) Are kids getting enough exercise these days? (Poor example)
2) What percentage of kids achieve the recommended 60 Minutes of physical activity at least five days a week?
Measurable questions
Measurable questions can be quantified and assessed.
Measurable questions example
2) How many times was our video shared on social channels the first week it was posted?
Action-oriented questions
Action-oriented questions encourage change.
Action-oriented questions example
2) What design features will make our packaging easier to recycle?
Relevant Questions
Relevant questions matter, are essential and have significance to the problem you’re trying to solve.
Relevant questions example
1) Why does it matter that Pine Barren’s tree frogs started disappearing? ( Poor example)
2) What environmental factors changed in Durham North Carolina, between 1983 and 2004 that could cause Pine Barrens tree frogs to disappear from the Sandhills Regions?
Time Bound questions
Time-bound questions specify the time to be studied.
Fairness
Ensuring that your questions don’t create or reinforce bias
Fairness example
Unfair question and leading question example: These are the best sandwiches ever, aren’t they?
Cloud
A place to keep data online rather than a computer hard drive.
Data
A collection of facts
Data analysis
Can help us make more informed decisions
Data-Inspired decision-making
Explores different data sources to find out what they have in common.
Algorithm
A process or set of rules to be followed for a specific task.
Quantitative data
Specific and objective measures of numerical facts.
Qualitative data
Subjective or explanatory measures of qualities and characteristics.
2 Types of Data Presentation tools
1) Reports
2) Dashboards
Report
Static collection of data given to stakeholders periodically
Dashboard
Monitors live, incoming data
Reports Pros
1) High-level historical data
2) Easy to clean
3) Pre-cleaned and sorted data
Reports Cons
1) Continual maintenance
2) Less visually appealing
3) Static
Dashboards Pros
1) Dynamic, automatic, and interactive
2) More stakeholder access
3) Low maintenance
Dashboards Cons
1) Labor- intesnive design
2) Can be confusing
3) Potentially uncleaned data
Pivot table
A data summarization tool that is used in data processing. Pivot tables are used to summarize, sort, reorganise, group, count, total or average data stored in a database.
Metric
Single, quantifiable type of data that can be used for measurement.
Revenue Equation
Revenue/ # of sales X the sales price
(ROI) Return on Investment
Net profit over a period of time / net investment
Metrics in Marketing
Metrics can be used to help calculate customer retention rates, or a company’s ability to keep its customers over time.
Metric Goal
A measureable goal set by a company and evaluated using metrics.
Small data
1) Specific
2) Short-time period
3) Day-to-day decisions
Big data
1) Large and less specific
2) Long period of time
3) Big Decisions
Bed Occupancy Rate
Total # of impatient days for a given period X 100 / ( Available beds X # of days in the period)
Pivot chart
A Chart is created from the fields in a pivot table.
SMART methodology
A tool for determining a question’s effectiveness based on whether it is specific, measurable, action-oriented, relevant, and time-bound
Some Common Maths Functions
1) Sum
2) Average
3) Count
4) Min
5) Max
Spreadsheet tasks
1) Organise your data
1a) Pivot table
1b) Sort and filter
2) Calculate your data
2a) Formulas
2b) Functions
Different data sources
1) World Bank
2) World Health Organisation (WHO)
3) Google Public Data Explorer
4) U.S. Census Bureau
Formula
A set of insturctions that performs a specific calculation.
Operator
A symbol that names the type of operation or calculation to be performed.
4 Operators
+ Addition, - Subtraction, * Multiplication, / division.
Cell reference
A cell or a range of cells in a worksheet can be used in a formula.
Range of cells
A collection of two or more cells
DIV/0!
A formula is trying to divide a value in a cell by 0 or an empty cell
ERROR!
Formula can’t be interpreted as input ( also known as a parsing error)
N/A
Data in formula can’t be found by the spreadsheet
NAME?
A formula or function name isn’t understood.
NUM!
A formula or function calculation can’t be performed as specified
VALUE!
A general error that could indicate a problem with a formula or referenced cells.
REF!
A formula is referencing a cell that is no longer valid or has been deleted
Function
A preset command that automatically performs a specific process or task using data.
Problem domain
The specific area of analysis encompasses every activity affecting or affected by the problem.
Structured Thinking
The process of recognizing the current problem or situation, organising available information, revealing gaps and opportunities, and identifying the options.
Scope of work (SOW)
An agreed-upon outline of the work you will perform on a project.
Scope of work (SOW) Examples
1) Deliverables
2) Timeline
3) Milestones
4) Reports
A statement of work
A statement of work is a document that identifies the products and services a vendor or contractor will provide to an organisation. It includes objectives, guidelines, deliverables, schedules, and costs.
The scope of work
The scope of work is project-based and sets the expectations and boundaries of a project. A range of work may be included in a statement of work to help project outcome.
Deliverables
1) Invitation options
2) List and addresses of invitees
3) Printed invitations
4) Addressed envelops
5) Stamps
6) Mailing
Context
The condition in which something exists or happens
Average
A spreadsheet function that returns an average of the values from a selected range.
Borders
Lines that can be added around two or more cells on a spreadsheet.
COUNT
A spreadsheet function that counts the number of cells in a range that meet specific criteria.
Equation
A calculation that involves addition, subtraction, multiplication, or division (also called a math expression)
Unfair question
A question that makes assumptions or is difficult to answer honestly.
Stakeholders
People that have invested time, interest, and resources into the projects you will be working on as a data analyst.
Turnover rate
The rate at which employees leave a company
Before you communicate, think about
1) Who your audience is
2) What they already know
3) What they need to know
4) How you can communicate that effectively to them.
How to solve a problem
1) Reframe the question
2) Problems
3) Challenges
4) Solutions
5) Timelines
Things to do during a meeting
1) Come prepared
2) Be on time
3) Pay attention
4) Ask questions
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5) Bring what you need
6) Read the meeting agenda
7) Prepare notes and presentations
8) Be ready to answer questions
Don’t do this during meetings
1) Show up unprepared
2) Arrive late
3) Be distracted
4) Dominate the conversation
5) Talk over others
6) Distract people with unfocused discussions.
Fill Handle
A box in the lower-right corner of a selected spreadsheet cell can be dragged through neighbouring cells to continue instruction.
