Data-Driven Decision Making
This term describes a decision-making process which involves collecting data,
extracting patterns and facts from that data, and utilizing those facts to make
inferences that influence decision-making.
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Define the problem
Clearly define the problem or decision to be
addressed
Create a Plan of Action
Communicate the plan to team
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Collect data
Data comes from multiple sources(db
backups, flat files, APIs)
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Data Analysis
Clean Data
Create ETL process
Aggregate data(Standardize all data, putting it
all together)
Data Validation
Create Reports and Visualizations
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Interpretation
Extract insights and patterns from
data analysis
Draw conclusions from the analysis
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Decision Making
Making informed choices based on the insights
obtained from the data analysis. This could
involve selecting between various options,
developing strategies, or setting goals.
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Monitoring
Continuously assessing and evaluating
the outcomes of the decision and
adjusting strategies as needed based
on ongoing data analysis.
Data-driven decision-making is an
iterative process
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“If You Torture the Data Long Enough, It
Will Confess”
- Ronald Coase