Question

Determine with the process owner whether the quantitative analytical competencies or the data manager and report developer competencies are required

Determine whether hypothesis-driven analytics or data-driven analytics can be expected to render the best decision support.

Determine whether the data-driven method has the objective of examining the correlation between one given dependent variable and a large number of other variables, or whether the objective is to identify different kinds of structures in data.

Answer 1

Question 1

Determine with the process owner whether the quantitative analytical competencies or the data manager and report developer competencies are required.

The determination of the objectives can be the first thing which can be asked from the process owner to do. The information wheel has the first step in the determination of objectives. After this, the functional requirements and KPI’s which also consists of technical manpower will be determined. On the basis of these objectives, the required competencies will be decided. For example, data analysts will be hired if the requirement is to perform basket analysis for up-sell

Question 2

Determine whether hypothesis-driven analytics or data-driven analytics can be expected to render the best decision support.

The KPI and the objectives of the business are the factors on which the DSS of an organization will depend. A greater knowledge which supports the objectives of the organization will be produced by the hypothesis-driven analytics. In most o the cases, the hypothesis-driven analytics can be subjective in nature. But it can be easily reproduced and understood by the organization. For example, In order to assist the business to operate within its objectives, a DSS showing KPIs can be used which represents the revenue.

Question 3

Determine whether the data-driven method has the objective of examining the correlation between one given dependent variable and a large number of other variables or whether the objective is to identify different kinds of structures in data.

            The main focus of the data-driven method remains in determining the different forms of the data structure. This is done as the correlation between the given dependent variable and the numbers of various variables are driven by the hypothesis which determines the objective of determining the various forms of the data structure.