From the course: Data Analytics for Students
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Introduction to the framework
From the course: Data Analytics for Students
Introduction to the framework
- [Narrator] There is a five-step framework of how you can use data to solve your business problems. We all know that data is a very valuable resource. So here are the five steps that you can deploy to make sure that you're making the most out of your data. So step one is to define the problem. Step two is to identify KPIs, also known as key performance indicators. Step three is data governance. Step four is data analysis. And finally, step five is data-informed decision making. So let's break these down. Let's talk a bit about defining the problem. So why is it so important? Well, if you effectively define the right problem, it's going to limit the scope of the data that you pull and the analysis that you can conduct. Next, let's talk about identifying KPIs. So what is a KPI? KPI is short for key performance indicator, and these are the most important metrics that you track to help define whether you are successful or…
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