Reference no: EM132677533
1. Gathering and Organizing Your Data
Having identified the types of data you will need, it's time to gather, review, and organize your data. This is a critical step in preparing to demonstrate to your Board of Directors that there is a legitimate demand for a solution to the problem you want to solve or the opportunity you want to explore.
- What sources did you use to gather your data, and why did you use these?
- What impact will any gaps in your data have on the validity of your analysis? How will you address this?
- How should you organize your data so that important patterns, trends and anomalies are clearly visible?
- Which analytical method (Descriptive, Predictive, or Prescriptive - see Davenport & Kim pp. 3-5) did you use to assess your data? Why did you choose this method over others?
2. Turning Data into Information
Having framed the problem/opportunity, formulated a testable hypothesis and gathered and organized key data, you are ready to continue your analysis by developing a data story that can be shared with others. To get started, download and review the "Types of Data Analysis" guide from our Week 4 readings, above.
Apply one or more of the following analytical tools to your dataset:
Correlation
Regression
Grouping and Visualization
Variance
Standard Deviation
Explain whether your analysis of the data confirmed or refuted your testable hypothesis.
3. Refining Your Data Story
To deliver an effective Board Brief and presentation, you will need to display your data to decision makers in a way that is easy to understand. Respond to the prompts below:
What are the most critical elements of your data story that need to be communicated? Explain.
How will you organize and share your data so that it tells a clear and compelling story? (See p. 107 of Davenport & Kim for a list of types of visual graphics used to present data)
Select two data display techniques discussed by Duarte in Chapter 6 and/or Chapter 7 and use them to present two important data sets from your analysis.