Data evaluation and the 4 varieties of questions it makes an attempt to reply
That is a part of a collection on Strategic Data Evaluation.
Strategic Data Evaluation (Half 1) ← You’re right here?
Strategic Data Evaluation for Descriptive Questions (Half 2) ← Coming quickly!
Strategic Data Evaluation for Diagnostic Questions (Half 3) ← Coming quickly!
Strategic Data Evaluation for Predictive Questions (Half 4) ← Coming quickly!
Strategic Data Evaluation for Prescriptive Questions (Half 5) ← Coming quickly!
In my 10 years of tenure in working with knowledge in any capability, I’ve seen how a lot focus there may be in studying quantitative strategies as a way to do knowledge evaluation. I’ve spent 1000’s of hours perfecting my data of the whole lot from statistics to machine studying to economics and past. Nevertheless, I discovered little or no steerage within the strategic method to answering enterprise questions through the use of knowledge evaluation. I’ve additionally encountered many junior analysts who often mistake knowledge evaluation for its quantitative strategies, disregarding the truth that evaluation is a strong mind-set and an ideal downside fixing software — i.e. knowledge evaluation is not only a product of its strategies.
On this multi-part collection, I hope to do an information evaluation primer that can present a structured method to utilizing evaluation as a way to reply enterprise questions. In Half 1, I’ll introduce knowledge evaluation and the 4 varieties of questions that it will probably assist reply. This can be utilized as steerage for figuring out evaluation questions appropriately. Within the following posts, I’ll suggest a method for answering every kind of query and a strategy for choosing the proper strategies. I hope you discover this information helpful — let me know within the feedback!
So what’s knowledge evaluation and what’s it making an attempt to attain? Basically, evaluation is a means of understanding some advanced data by breaking it down into smaller and less complicated items and understanding these items first. This course of is used to assist clear up issues or reply questions. As within the common case, knowledge evaluation is a means of understanding one thing about advanced knowledge by making an attempt to know extra manageable details about it.
Analysts can carry out an array of strategies as a way to do knowledge evaluation. As an example, if we…