From the course: Introduction to Business Analytics
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Data driven vs. data informed
From the course: Introduction to Business Analytics
Data driven vs. data informed
- Data is not always perfect. It's important to balance your intuition and what the data is telling you. In predictive modeling, there is a concept called overfitting where an analysis corresponds too closely to a particular dataset and may therefore fail to fit additional data or predict future observations reliably. This same concept can be applied to making decisions based on data. It's important to balance your intuition and data when making a decision. Now, this concept of balancing intuition and data is often referred to as being data-informed. This means that you are much less vulnerable to data quality issues. These data quality issues can manifest in errors in the dataset, but they can also show up as outside factors that are not included in the analysis. So the opposite of data-informed decision-making is called data-driven decision-making and this is when data is really the only factor taken into…
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