SW1

Question 1

Data product concept
How is a product defined?

Answer 1

1. generates a certain customer benefit/satisfies a customer need,
2. is relevant for more than one user,
3. is produced with predictable quality/goes through a production process,
4. is managed within a product life cycle and
5. serves a market.

Question 2

Data product concept
How is a DATA product defined?
(Data products have three constitutive properties.)

Answer 2

The combination of
1. data assets and
2. data-related capabilities
that together form or contribute to
3. value-added product offerings.

Data product definition: asset+capability+added value

Question 3

What are the 3 types of data products?

Answer 3

Data as a service
Data enhanced products
Data as Insights

Question 4

How do the 3 types of data products differ from each other?

Answer 4

They differ by the
degree of contribution to a business model.

Question 5

Describe Data as a Service

Answer 5

› Data & analytics generates sales
› Own business model

Examples
› Swiss Post Address
Management

Question 6

Describe Data enhanced Products

Answer 6

› Increases the value of
another product
› Extends business model

Examples
› Tesla Autopilot
› Bosch Predictive
Maintenance

Question 7

Describe Data as Insights

Answer 7

› Decision support related
to product innovation &
management
› Supports business model

Examples
› Manufacturing-Analytics
› Service-Analytics

Question 8

What does CRISP-DM stand for?

Answer 8

Cross-industry standard process for data mining

Question 9

What are the phases of CRISP-DM?

Answer 9

• Business understanding
• Data understanding
• Data preparation
• Modeling
• Evaluation
• Deployment

Question 10

Crisp-DM:
What happens in the Business understanding phase?

Answer 10

• Determine Business Objectives-
• Assess Situation
• Determine Data Mining Goals
• Produce Project Plan

Question 11

Crisp-DM:
What happens in the Data understanding phase?

Answer 11

• Collect Initial Data
• Describe Data
• Explore Data
• Verify Data Quality

Question 12

Crisp-DM:
What happens in the Data Preparation phase?

Answer 12

• Select Data
• Clean Data
• Construct Data
• Integrate Data
• Format data

Question 13

Crisp-DM:
What happens in the Modeling phase?

Answer 13

• Select Modeling Technique
• Generate Test Design
• Build Model
• Assess Model

Question 14

Crisp-DM:
What happens in the Evaluation phase?

Answer 14

• Evaluate results ( assessment of data mining results)
• Review process
• Determine next steps

Question 15

Crisp-DM:
What happens in the Deployment phase?

Answer 15

• Plan Deployment
• Plan Monitoring & Maintenance
• Produce Final report
• review project

Question 16

What is CRISP- DM?

Answer 16

a Data product design process