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Ch 7 . What Makes a Great Analysis? PowerPoint Presentation
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Ch 7 . What Makes a Great Analysis?

Ch 7 . What Makes a Great Analysis?

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Ch 7 . What Makes a Great Analysis?

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  1. Ch 7. What Makes a Great Analysis? Taming The Big Data Tidal Wave 31 May 2012 SNU IDB Lab. Sengyu Rim

  2. Outline • Criterions for a Good Analysis • Frame the Problem Correctly • Making Inferences

  3. Criterions for a Good Analysis(1/7)What is Reporting? • Reporting isn’t equal to analysis • Many organizations mistakenly equate reporting with analysis • A reporting environment(business intelligence environment) • Select the reports they want to run • Get the reports executed • View the results Provide data report Predefined form Inflexible

  4. Criterions for a Good Analysis(2/7)What is Analysis? • An analysis is an interactive process of • Tackling problem • Finding the data required • Analyze the data • Interpret the results Provide answer Analysis Customized Flexible

  5. Criterions for a Good Analysis(3/7)Comparison between Reporting and Analysis • Summary of Analysis versus Reporting

  6. Criterions for a Good Analysis(4/7)G.R.E.A.T criteria • G.R.E.A.T criteria will add value to analysis G Guided-guided by a business need R Relevant-relevant to the business E Explainable-analysis needs to be explained effectively A Actionable-a great analysis will be actionable T Timely-analysis will be delivered in a timely fashion

  7. Criterions for a Good Analysis(5/7)What are Core Analytics? • Core analytics tend to ask simple questions and provide simple answers • What happened • When it happened • What the impact was • Sales Promotion • 1.How many subscribers signed up? • 2.How did the sing-ups occur everyday? • 3.How much money did the new subscribers bring in?

  8. Criterions for a Good Analysis(6/7)What are Advanced Analytics? • Advanced analytics go further than core analytics • What caused it to happen • What can be done in the future • Customer Web Activity • 1. Identify the relationship between browsing and sales • 2. Formulate strategy for marketing

  9. Criterions for a Good Analysis(7/7)Cherry Picking • Sometimes the gut feelings of executives conflict with analysis • One of the worst abuses is to cherry pick results • Cherry picking • Use the analytics when the results serve your purpose • Ignore the findings when the results conflict with the original plan

  10. Outline • Criterions for a Good Analysis • Frame the Problem Correctly • Making Inferences

  11. Frame the Problem Correctly(1/6)How to Frame the Problem? • Great analysis starts with framing the problem correctly • Assess the data correctly • Develop a solid analysis plan • Technical and practical considerations should be taken into account • Framing the problem is the most important step of an analysis

  12. Frame the Problem Correctly(2/6)Statistical Significance • Statistical significance • Used to evaluate the parameter estimates • A statistical significance will validate the conclusions

  13. Frame the Problem Correctly(3/6)Never Take Shortcuts • Ensure you have all the data you need • Given the part of the story, conclusions may be completely wrong • Who has the higher average batting?

  14. Frame the Problem Correctly(4/6)Business Importance • Statistical significance should match the business perspective • What are the costs to make the recommended changes? • How much additional revenue might be generated? • Is the new approach consistent with the overall strategy? • Are the new changes executable? Business importance Statistical significance

  15. Frame the Problem Correctly(5/6)Samples versus Population • Using today’s scalable systems, it’s possible to work with an entire population • With big data, we have enough data for a sufficient sample • When a sampling process is needed, it needs to be done correctly • The bigger sample is made, the tighter the margin of the error • Sample size should be suitable for the problem

  16. Frame the Problem Correctly(6/6)All Data is Needed • Any given problem may require only a small sample of the data • Different samples require different data • Entire data should be kept s10 s1 s9 s2 s7 s6 s4 s3 s8 s5

  17. Outline • Criterions for a Good Analysis • Frame the Problem Correctly • Making Inferences

  18. Making Inferences • To produce a great analysis, it is necessary to infer potential actions • Make initial inferences based on analysis