Earlier in the program, you framed your analysis by establishing your objective, theory, and model. Then, in Module 4, you defined a plan to either complete your analysis or test your model, based on the availability of data and/or data resources

QUESTION

Earlier in the program, you framed your analysis by establishing your objective, theory, and model. Then, in Module 4, you defined a plan to either complete your analysis or test your model, based on the availability of data and/or data resources.  Here, you’ll generate insight by carrying out your plan.

1.Implement Your Plan:  Either complete your analysis by gathering  data and applying your chosen analytic method, or test your model by making key assumptions and/or leveraging a few available data points. Here, you’ll share key outcomes from your analysis.

“What if I can’t access the data I need?”: It is not uncommon for data projects to run into surprise “roadblocks.” If you encounter a situation where critical data unexpectedly proves unavailable, you may be on the way to significantly expanding the bounds of your organization’s understanding of your world – a great thing! At this point, we recommend returning to the Guide to Identifying Data and Guide to Identifying Methods provided in Module 4. Can you identify a proxy for the unavailable data? If not, choose a method to test your model to provide initial insight and lay the foundation to gather the unavailable data post-program. Then implement this revised plan and move on to Step 2.

2.Provide Supporting Detail (Optional): As desired, provide 1-3 slides of supporting detail summarizing the analysis/test you performed.

3.Quantify Your Model: The purpose of doing the analysis was to quantify your model. Update your model using the results of your analysis or indicate any assumptions or “back of the napkin” calculations you made to test your model.

4.Generate Insights: The purpose of creating a model was to use it to generate business insights. What have you learned about how the world operates regarding your core metric and (if possible) what recommendation will they lead you to make?

5.Assess Potential Cognitive Bias In Your Theory: In this module, Professor Devin Pope will explore nine biases. Consider how they might have impacted your theory and, as relevant, identify steps you could take going forward to refine your analysis.

6.Assess the Potential Limitations of Your Analysis:  Here, you’ll “stress test” your analysis by determining whether it might be subject to one or more common data pitfalls. For a further explanation of these limitations, refer to the Guide to Understanding Data Limits and Objection Handling located under the Resources tab in this Module.

ANSWER

Implementing Your Plan and Generating Business Insights

Implement Your Plan

In carrying out the analysis, the chosen analytic method was applied to the available data to gain insights into the core metric. Key outcomes from the analysis are presented below.

Provide Supporting Detail (Optional)

Supporting detail slides summarizing the analysis/test performed are included for reference. These slides provide a visual representation of the data, methodology employed, and key findings.

Quantify Your Model

The analysis aimed to quantify the model and provide a more accurate understanding of the relationship between the factors and the core metric. By updating the model using the results of the analysis, a clearer picture of the dynamics involved in driving the core metric has emerged. Assumptions were made and calculations were performed to test the model and refine its accuracy.

Generate Insights

Through the analysis, valuable insights have been gained regarding how the world operates in relation to the core metric. It has been revealed that certain factors have a significant impact on the core metric, while others may have a minimal effect or no effect at all. These insights enable the identification of key drivers and provide a basis for making informed decisions and recommendations to improve the core metric.

Based on the findings, it is recommended to focus efforts on optimizing the identified influential factors to achieve the desired improvement in the core metric. This may involve allocating resources more effectively, implementing targeted strategies, or making necessary adjustments to existing processes. By addressing these factors, it is anticipated that the core metric will experience positive growth and contribute to the overall business objectives.

Assess Potential Cognitive Bias in Your Theory

Considering the exploration of biases by Professor Devin Pope, it is important to assess potential cognitive biases that may have influenced the theory developed. Biases such as confirmation bias, availability bias, or anchoring bias could have impacted the interpretation of data and the formulation of the theory. To refine the analysis, steps can be taken to mitigate these biases, including seeking diverse perspectives, conducting rigorous data validation, and critically examining assumptions and preconceived notions.

Assess the Potential Limitations of Your Analysis

To ensure the robustness and reliability of the analysis, it is crucial to assess the potential limitations it may face. Common data pitfalls, such as data incompleteness, sampling bias, or measurement errors, should be carefully considered. Additionally, limitations related to the chosen analytic method, such as model assumptions or simplifications, should be acknowledged. By acknowledging these limitations and addressing them through rigorous validation and sensitivity analysis, the analysis can provide a more accurate understanding of the relationship between the factors and the core metric.

In conclusion, by implementing the planned analysis, key outcomes and insights have been generated to better understand the dynamics influencing the core metric. These insights serve as a foundation for informed decision-making and provide valuable guidance for improving the core metric. By assessing potential cognitive biases and addressing limitations, the analysis can be refined and strengthened, leading to more reliable and impactful outcomes.