Forming the analytical questions

Forming Analytical Questions

Konstantinos Kattidis

Data Analytics Lead

Transitioning to the analytical world

  • In the translation process we are moving from the business to the analytical environment.

  • The aim is to form one or more analytical questions.

  • Using the SMART methodology:

    • Specific
    • Measurable
    • Actionable
    • Relevant
    • Time-bound

Question in the business environment on the left. On the right, analytical questions linked to the business question.

Forming Analytical Questions

Steps to forming the analytical questions

Steps to analytical questions

  • Extract the key information from the business question
  • Break down the business question
  • Refine the analytical question/s
  • Review relevance
Forming Analytical Questions

Consider the following scenario

Online marketplace for short-term rentals

Logo of Cozyspace.com

Business question:

How effective was our campaign in December measured by the booking rate for the group of frequent travelers in the US?

Forming Analytical Questions

Extract the key information

How effective was our campaign in December measured by the booking rate for the group of frequent travelers in the US?

 

  • Goal: Measure the effectiveness of the campaign.
  • Metric: Booking rate
  • Focus: US market and the group of frequent travelers
  • Timeframe: December
Forming Analytical Questions

Break down the business question

  • Ask: What do we need to know from the data to answer the business question?
  • Multiple analytical questions might be needed.

 

What was the booking rate one month before the campaign?

Is there a difference in booking rate during the campaign compared to our baseline?

Break down a business question into three analytical questions

Forming Analytical Questions

Refine the analytical questions

  • Make the question as specific and focused as possible.
  • Consider what data is required to answer them.

 

Is there a statistically significant increase in the booking rate during the campaign compared to our baseline based on the bookings data?

Person thinking how to refine the analytical questions.

Forming Analytical Questions

Confirm relevance with business question

  • Confirm that the analytical question/s formed can address the business question.
  • This helps make sure that we are on the right path to solve the business problem.

People looking at information

Forming Analytical Questions

Let's practice!

Forming Analytical Questions

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