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Waste Not Want Not: Why You Need a Data Plan
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Re: well said
  • 1/16/2014 11:50:47 PM
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It's important to understand when good enough is good enough.  My experience is that most analytical errors come from either the wrong questions being asked, the wrong subjects chosen or the wrong model being used.  Having more data can boost confidence levels, but that doesn't matter if the other things aren't up to par. 

Re: well said
  • 1/16/2014 11:59:01 AM
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I will plead guilty on the procrastination charge as well, but I like to label it, patience. It makes me feel better anyway. Procratinating usually occurs due to being unprepared or lacking clear vision and direction. Waiting while Hoping has no place in a viable plan. 

Re: Analysis Paralysis
  • 1/15/2014 5:21:19 PM
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From one procrastinator to another, you make me laugh Lyndon!

Re: Analysis Paralysis
  • 1/15/2014 1:43:39 PM
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..

Predictable writes


There is a name for the tendency to delay action while always seeking more confidence or more data. It's called analysis paralysis.


 

Yes, I'm very familar with this tendency. Especially when applied to my own behavior, I call it procrastination.

 

Analysis Paralysis
  • 1/15/2014 12:57:48 PM
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Data analysis tends to attract a certain type of personality - we tend to be careful and compete in our work.  Generally this is a good thing, of course, but it can be carried to an extreme.  If you ever find yourself or your team looking for perfection, it's time to make an adjustment and get to "good enough".

There is a name for the tendency to delay action while always seeking more confidence or more data. It's called analysis paralysis.

PC

Re: well said
  • 1/15/2014 12:28:50 PM
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The procrastination factor is a big one. The "incentive" to wait another year for more data feeds our "wait a bit more" bad habit. Hoping that inactivity will lead to innovation is probably not serving us well. But, of course the culling or elimination of stockpiling of data is just something goes against our natural desire to have as much as we can store, available for any future study or contingency.

Re: well said
  • 1/14/2014 10:37:03 PM
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I agree jeff. well put.

Re: well said
  • 1/14/2014 10:11:42 PM
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..

I agree with Jeff — definitely "well said".

I found that this snippet of Emmett Cox's post particularly struck a chord:


When designing your data strategy, don't get caught up in the idea that more is better. I've been there, done that, and had to learn (many lessons) the hard way. Guess what? You really don't need "just one more year's worth of transaction data" to make a better decision.


 

Definitely sounds like a recipe for procrastination. Probably any data plan oughta watch out for that.

 

well said
  • 1/14/2014 8:16:57 PM
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I like the list at the end.  But I like this better:


"Companies with a data plan are focused on building solutions that can be replicated and used consistently in solving a given problem. The best solutions are those that can use varied sources but still be simple to implement, simple to maintain, with strong data input management and easily understood insights deliverable to the line of business. If your clients don't understand the answer, they won't use it."


I would only add that hopefully you are adding enough value with the solution.  That is, that you are actually saving or making money. Perhaps implied but I like to say 'show me the money' now and again and pretend it's the nineties.

Got to have a plan
  • 1/14/2014 4:06:00 PM
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Mr. Cox,

Thanks for issuing the challenge for 2014 as we all need to assess (maybe re-assess) our data goals and decipher the best way to seek pursue those goals.  You're right about having all of the data but not having an ability to use it.



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