Data-Driven Decision Making | Nishan | Gurzu

what does it mean to be “data-driven?” What are the steps of a data-driven decision making? Nishan talks about data-driven decision making in this episode of knowledge ketchup.

Transcript

1. Data-Driven Decision Making - Nishan Boyaju
2. what does it mean to be “data-driven?”
3. Data-Driven Decision Making This term describes a decision-making process which involves collecting data, extracting patterns and facts from that data, and utilizing those facts to make inferences that influence decision-making.
4. Define the problem Clearly define the problem or decision to be addressed Create a Plan of Action Communicate the plan to team
5. Collect data Data comes from multiple sources(db backups, flat files, APIs)
6. Data Analysis Clean Data Create ETL process Aggregate data(Standardize all data, putting it all together) Data Validation Create Reports and Visualizations
7. Interpretation Extract insights and patterns from data analysis Draw conclusions from the analysis
8. Decision Making Making informed choices based on the insights obtained from the data analysis. This could involve selecting between various options, developing strategies, or setting goals.
9. Monitoring Continuously assessing and evaluating the outcomes of the decision and adjusting strategies as needed based on ongoing data analysis. Data-driven decision-making is an iterative process
10. “If You Torture the Data Long Enough, It Will Confess” - Ronald Coase
11. Embrace Data-Driven Culture
12. Thanks!