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Data-Driven Decision Making for Business

Ted Kwartler

Data Dude

Types of data

Types of Data

Exploratory analysis $$

Magnifying Glass

To understand a market or business opportunity more fully without a predefined outcome

Example: Identify common characteristics among patients

Explanatory analysis $$

Explore Map

Explain or simulate a specific phenomena such as seeking profit or decreasing expenses

Example: Explain why diabetic patients discharged on Fridays are readmitted more often

Predictive data decisions

Decision Tree

Specific record prediction, often most accurate model matters over understanding

Example: Predict the probability of a patient's readmission

Type	Perspective	Why?
Exploratory	Strategic	Confirm understanding and gain expertise
Explanatory	Strategic/tactical	Learn complex interactions for efficient and easier operations
Predictive	Tactical	Drive specific results and often automate decision making

Probing an analysis effectively

DATA
- Is the data available?
- What data was used?
- Is it appropriate for the task?
- Does it have bias such as underrepresented race or gender?
- Does it have integrity issues, like significant missing data?
- How was it collected?

Probing an analysis effectively

METHODS
- What methods were applied?
- Were alternative methods attempted? If so, did the results differ?
- What is the trade-off between simple and complex methods?

Probing an analysis effectively

RESULTS
- Tell me about the results.
- Were the results in line with expectations or did something stand out?
- How does this finding deliver value or solve our problem?

Probing an analysis effectively

IMPACT
- How much does this analysis address the problem we're trying to solve?
- Are there regulations that affect this use case?
- How could this go wrong? Are there unforeseen impacts to stakeholders that need to be addressed?

Data-Driven Decision Making for Business