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Showing posts from October, 2019

Moving up on the ladder of data centricity: From descriptive statistics to modeling

Most organizations use data in one way or another. Some still collect the data using mechanical tally counters, but that, as well, is data. Simple counts of visits to different exhibits in a museum can provide the director and curator with valuable insights (or not, depending on how strong the thumb muscles of staff are). Descriptive analysis is probably the most common approach to data analysis across organizations. For example, year-over-year (YoY) comparisons, a favorite across industries, are essentially descriptive. A YoY comparison of revenue is not more informative than the data collected by tally counters in a museum: "More visitors entered Exhibit A this year compared to last year." These descriptive findings are like figuring out today is hotter than yesterday. They can be useful, albeit to a limited extent, and can be misleading when the difference is falsely attributed to a factor, sometimes just because that is readily available even if it was not measured (e.g.…