EXAM 1 - MBA 741 (SALEH)
Second Pillar of understanding: Portfolio Analysis - CORRECT ANSWER-What drives
my business?
- seeking to understand the dynamics of your business
After confirming the correct drivers from the measurement framework, you can begin to
understand the dynamics of your po...
Second Pillar of understanding: Portfolio Analysis - CORRECT ANSWER-What drives
my business?
- seeking to understand the dynamics of your business
After confirming the correct drivers from the measurement framework, you can begin to
understand the dynamics of your portfolio by observing how these drivers perform when
segmented by products or offerings.
Review a profit loss statement (P&L), create a 2x2 or 2x2x2 matrix across metrics,
rank/visualize them in a bubble chart.
Once you have an informed understanding of your portfolio, you can leverage data to
glean insights against your risks and opportunities and boost the projects that will help
strengthen your company
Business Question - Decision Science Track: Stakeholders - CORRECT ANSWER-Who
is asking?
Who is the decision maker?
Who will take action?.
Business Question - Decision Science Track: Timeline - CORRECT ANSWER-What
decisions need to be taken and by When?
How does cost cutting as a strategy to improve company performance - CORRECT
ANSWER-It may not! Unless it is coupled with data analysis and testing, cost cutting
alone can lead to bad decisions.
Analytics is not just about data, but about decisions.
Actions without insight means decisions are made without any perspective on which
paths would yield results
Analytics - CORRECT ANSWER-The science of applying a structured method to solve
a business problem using data and analysis to drive impact.
The right analytics approach is an informed solution backed by data and actionable
insights
1.Problem:
2. Hypotheses: intuition takes a problem, chews it up, and generates ideas and
hypotheses
3. Analysis and Insights
4. Test/learn: those hypotheses are tested and data kills most of them
5. Execute and measure: the best one remaining moves forward as your solution
BADIR - CORRECT ANSWER-Business Question
Analysis Plan
Data Collection
Insights
Recommendations
Why do hypotheses do? - CORRECT ANSWER-They narrow down where to find the
most likely answers, they are generated by intuition based on collective intelligence and
experience of stakeholders and understanding of the business environment
How are hypotheses validated? - CORRECT ANSWER-With data to come up with
convergent solutions through data analytics
Benefits of a hypotheses-driven analytics strategy - CORRECT ANSWER-1. greater
actionable insight
2. Faster time to information and action
Intent Question - CORRECT ANSWER-What are you trying to do?
What is happening that is not supposed to happen?
Intent of your initiative - CORRECT ANSWER-Step 1 in a hypothesis-drive analysis
strategy:
Sets the context and aligns your thought in the direction of the desired goal
Hypothesis questions - CORRECT ANSWER-Step 2 in a hypothesis-drive analysis
strategy:
What could drive it?
Why is this happening?
Answer this question and you know your potential catalysts and key drivers.
The answer to this question is NOT DEFINITIVE, but it is a good start
, Analysis questions - CORRECT ANSWER-Step 3 in a hypothesis-drive analysis
strategy:
We could do A or B or C or D to solve this
Based on analysis, doing A and B will likely increase margin
Steps in a hypothesis-drive analysis strategy (the what's and the how's) - CORRECT
ANSWER-1. Intent: determine the intent of your initiative
2. Hypothesis: determine the potential catalysts and key driver
3. Analysis: prove or disprove hypothesis with data and find actionable insights
4. Testing; testing the insights for early learning and before final execution.
Testing questions - CORRECT ANSWER-Step 4 in a hypothesis-drive analysis
strategy:
Analysis says B can increase our margins by X percent and A by Y percent."
"Testing with consumers tells us, they simply love B."
What distinguishes the success of organizations? - CORRECT ANSWER-Their
response to a challenge (e.g. market instability). The decisions they make since all
companies are exposed to the same challenges in their industry.
Who can benefit form analytics - CORRECT ANSWER-Everyone! Analytics pays back
$10.66 for every dollar spent.
Analytics is not just about _____________, but about _________________ -
CORRECT ANSWER-data, decisions
The difference between explorer and detective modes of problem solving? - CORRECT
ANSWER-Explorer method - no analysis, method not dependent on the problem (e.g.
would do the same thing in another situation), less effective (but prettier)
Detective method - analytical, tailor to the problem, more effective
What type of analytics techniques are usually most effective in business? - CORRECT
ANSWER-Simple ones! and PEOPLE SKILLS bridging the gap between business and
math make or break the deal
due to business constraints such as ROI, explainablity, maintainability, turnaround time,
and scalability, simple analysis techniques are better in a business situation.
Data Science - CORRECT ANSWER-Technical track: designed to derive insights form
data
Decision science - CORRECT ANSWER-business track: designed to align stakeholders
so that the valuable insights produced using the data science track can be inserted into
the decision-making process and converted into action
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