Data Analyst

The preparation

- They developed specific questions to ask about employee satisfaction with different business processes, such as hiring and onboarding, and their overall compensation. - They established rules for who would have access to the data collected - in this case, anyone outside the group wouldn't have access to the raw data, but could view summarized or aggregated data. For example, an individual's compensation wouldn't be available, but salary ranges for groups of individuals would be viewable. -They finalized what specific information would be gathered, and how best to present the data visually. The analysts brainstormed possible project- and data-related issues and how to avoid them.

Effective questions asked:

- What do you think new employees need to learn to be successful in their first year on the job? -Have you gathered data from new employees before? If so, may we have access to the historical data? - Do you believe managers with higher retention rates offer new employees something extra or unique? - What do you suspect is a leading cause of dissatisfaction among new employees? - By what percentage would you like employee retention to increase in the next fiscal year?

What questions did they ask to protect their data?

-They restricted access to the data to a limited number of analysts. -They cleaned the data to make sure it was complete, correct, and relevant. Certain data was aggregated and summarized without revealing individual responses. -They uploaded raw data to an internal data warehouse for an additional layer of security.

Data

A collection of facts

Gap analysis

A method for examining and evaluating the current state of a process in order to identify opportunities for improvement in the future

6 Steps of Data Analysis

Ask, Prepare, Process, Analyze, Share, Act

Financial institutions data life cycle

Capture Qualify Transform Utilize Report Archive Purge

While planning a roadtrip, you figure out all of the specific stops you need to take along the way. You also consider how often you'll stop for gas, meals, and sleep. Having this information enables you to execute your plan. What does this scenario describe?

Detail-oriented thinking

What is a method for examining and evaluating how a process works currently in order to get to an improved future state?

Gap analysis is a method for examining and evaluating how a process works currently in order to get to an improved future state.

Harvard Business School data life cycle

Generation Collection Processing Storage Management Analysis Visualization Interpretation

Analytical skills

Qualities and characteristics associated with using facts to solve problems

Data analyst

Someone who collects, transforms, and organizes data in order to draw conclusions, make predictions, and drive informed decision-making

In the data life cycle, which phase involves using data to solve problems, make good decisions, and support business goals?

The analyze phase involves using data to solve problems, make great decisions, and support business goals.

Data Analysis

The collection, transformation, and organization of data in order to draw conclusions, make predictions, and drive informed decision-making

Data protection

The data analysts also made sure employees understood how their data would be collected, stored, managed, and protected.

Data visualization

The graphical representation of data

Analytical thinking

The process of identifying and defining a problem, then solving it by using data in an organized, step-by-step manner

Root cause

The reason why a problem occurs

Curiosity

a skill that drives analysts to discover just how much information they can coax out of the data in expected or unexpected ways. Keep in mind that curiosity isn't the only skill that compels analysts to ask probing questions about their data.

Data design

an extension of your technical mindset

Technical mindset

approaching problems (and datasets) in a systematic and logical manner

What type of data visualization might an analyst create in order to communicate data insights to others?

chart, graph, and map

Context

helps you solve problems by narrowing down variables that are most likely to influence the outcome, which in turn enables you to come up with more meaningful insights.

the benefits of data-driven decision making

helps you to be more confidence about your choice and your abilities to address business challenges. it helps you become more proactive when an opportunity presents itself, and it saves you time and effort when working towards a goal.

analytical thinking involves

identifying and defining a problem, then solving it by using data in an organized, step-by-step manner.

president of an organization is curious abt what perks employees value most. she asked the hr director who says people value casual dress code. he backs it up by saying he sees a lot of people wearing jeans and t-shirts. what if this company were to use a more structure employee feedback process?

such as a survey? it might reveal that employees actually enjoy free public transportation. the hr director didn't know because the he drives to work.

say a dairy farmer wants to start making and selling ice cream, they could guess what flavors customers would like, but what's the better way to get the information

the farmer could survey people and ask them what flavors they prefer

Data strategy

the management of the people, processes, and tools used in data analysis.

Data driven decision making

using facts to guide business strategy