Follow :
 
Locating the right data and defining the right measurement to work on the verifiable hypotheses are not equally loaded in our favor.

The search for data has been a cognitive process much longer in our psyche than carefully understanding and using right measure.  We are easily fooled by the argument of how we explain by quoting or not quoting the data source provided by others, often not even knowing the veracity of the source, and willingly or easily believe.  However, we hardly spend enough time to question, how is the measure defined?

The famous problems of people getting confused in regard to use of joint probability vs. conditional probability, or when to use mean, median or mode, when to use arithmetic mean vs. geometric mean vs. harmonic mean are enough to make people pass clueless, and often times even above college level educated people.

This is complaining about people.  The point I am driving is that it is a special cognitive process that has to be trained.


Being analytical is the next higher level of cognition and it requires systematic thinking and systematic statistical principles and concepts.  While every one would like to be analytical in thinking, deciding with least bias and knowing and keeping the amount of error in prediction to be minimal is a deeper cognitive process.

The famous Monty Hall problem in which two goats and a car behind three closed doors are given for contestant to select two doors but often systematically miss increasing their chances, was a challenge of a 1000+ PhDs.  See the summary article I created and provided in the link, http://blog.crmportals.com/2014/03/25/even-math-professors-fail-in-this-simple-game-why-2/

Also, we all know how important the measurement, OBP was in the Moneyball assignment, and in fact, it was the organizational strategic metric.

So once the most important measurement is identified for the analytical works, and its full logic tree, or "hypotheses tree" or the "MECE tree" are drawn, each of the end notes are called data analytics strategies, and all the elements needed to each one of the end nodes are the ones we need to analyze the totality of the analytics project.

Where do data come from?:


In terms of locating the right data, there are four sources.
  • Application/Registration/Inquiry data – Prospect data
  • Transaction data
  • Third party – syndicated data (geo-demographic, lifestyle, attitudinal, behavioral data)
  • Survey data (special enterprise initiated vs. existing panels)

Continue with Part 3….

Ref: Joint-Marginal-ConditionalProbabilities and Bayes Theorem – From httpocw.metu.edu.tr
 


Comments

07/11/2016 5:04am

To help your business get ahead of what your customers care about, we've put together our first trend report for businesses focused on Foods.

07/30/2016 3:57am

Earlier this month, the G20 leaders agreed to inject $250 billion in SDRs or Special Drawing Rights into the economy. Ambrose Evans-Pritchard wrote that "In doing so, they are putting a de facto world currency into play.

09/25/2016 1:04pm

This is because I also wanted to share this information with anyone who is planning on starting a "traditional, brick and mortar" business.

10/01/2016 11:35am

There are thousands of free graphics that are available for your website or blog. That being the case, it hard to figure why people steal content without the owner's permission. Plagiarism and copyright infringement is a serious matter.

10/06/2016 4:29am

My first business venture was a partnership. Working with another person with similar dreams was the only way I was able to get started as a business owner. After having the opportunity to start several businesses with partners, I have come to understand and appreciate that at the foundation of a strong business partnership are the three pillars of trust, respect and agreement

12/30/2016 10:50pm

This post is totally defined the data analysis of business opportunities. Business man have the lot of experience for run the proper setup and also handle the profit and lose situation. Business is the major part of the profit and lose but doing the legal work according to government policy.

04/11/2017 8:54am

Do you buy data from a independent sources? What platform do you use?


Comments are closed.