Week 2 - Professional mindset in business analytics Flashcards
What are the skills required for business analytics? (BA)
-technical skills
-people skills
What are hard skills?
technical skills
What are soft skills?
people skills
Which skills are harder to analyse and evaluate?
soft skills
Who is this quote by? “soft skills are taking those innate human qualities, such as
communication, interaction, creativity, innovation, etc. and developing these so
you can apply them effectively in the workforce”
Dr Steel
What are the challenges related to hard and soft skills?
- Communication Barriers (soft)
- Different Priorities (soft)
- Lack of Understanding of Each Other’s Roles (soft)
- Collaboration Challenges (soft)
- Intellectual Capacity (hard)
Difference between data scientist and business analyst
data scientist - need more hard skills
business analyst - need more soft skills and need to translate from data scientist
What are the hard skills roles in BA
-Data Scientist
-Statistician
-Data Architect
-Data Analyst
-Business Analyst
-Data Engineer
What are some hard skills tools and solutions?
-power BI
-Python
-IBM Watson
What are some soft skills tools and solutions?
-AKDAR
-Empathy map canvas
-Jira
-SWOT
What is a decision?
a specific commitment to action
What is a decision process?
set of actions and factors that begins with the identification of a stimulus for action and ends with the specific commitment to action
What is Herbert Simons 3 stages in decision-making
- intelligence gathering
- design
- choice
What is the role of data in decision-making?
to turn it into wisdom
What is the DIKW model?
data, information, knowledge, wisdom
What is an example of what data is?
data file contains code 802981
How is data turned into information?
given context
How is information turned into knowledge?
given meaning
What is the difference between information and knowledge
information is data that has been organised, knowledge is the understanding of that information
What is an example of the difference between information and knowledge?
information - code 802981 is a customer code
knowledge - customer with code 802981 is valued but has high likelihood of churn
How is knowledge turned into wisdom?
given insights
What is an example of wisdom?
Customers with code 802981are ones we need to take action to retain
If knowledge is knowing tomato is a fruit, wisdom is….
knowing not to put it into a fruit salad
data to actionable outcome process
raw data > data extraction/exploration > analysis/visualization
What can come after DIKW
decisions, when given purpose
What is traditional decision-making based on?
-Human judgement
-Experience
-Expertise
-Tacit/Explicit knowledge
Who are the key players in BA?
-managers
-Info/data technologists
