#246: I've Got 99 Analytical Methodologies and Need to Pick Just One
May 28, 2024
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Data analytics expert Simon Jackson from Hypergrowth Data joins the hosts to discuss the complexities of choosing the right analytical methodologies, emphasizing the importance of aligning data with real-world problems. They explore the strength of simple methods, considerations for new analysts, and practical advice for navigating the realm of methodologies. The conversation touches on statistical significance, communication with stakeholders, and resources for learning about neural networks and marketing.
Different analytical methodologies require tailored approaches based on business questions.
Identifying the right methodology involves probing for details and considering business partner requests.
Practical experience, mentorship, and community engagement enhance understanding of analytical methodologies.
Deep dives
Data Skills for Product Managers
In a recent Harvard Business Review article, the importance of data skills for product managers was highlighted, emphasizing that these skills are essential in today's landscape. The article delves into the significance of skills such as SQL proficiency. This raises the question of teaching these table stakes skills to non-experts and where the line should be drawn in terms of necessary data skills for different roles.
Neural Networks YouTube Series
Three Blue One Brown's YouTube series on neural networks is recommended as a valuable resource for those seeking to understand neural networks. The series simplifies complex concepts and provides a clear explanation of the mathematical workings behind neural networks, making it accessible even to beginners.
Acquired Podcast on Nike
The Acquired podcast episode on Nike offers an insightful analysis of the brand's journey, from its early history to its current status as a global powerhouse in sports marketing. The podcast explores the strategic partnerships, including with athletes like Michael Jordan, highlighting the evolution of Nike's brand marketing strategies.
Sketchnoting and Analytical Concepts
A video by Doug Neil featuring sketchnoting of key concepts from the book 'Thinking in Bets' by Annie Duke offers an engaging way to understand analytical methodologies. Neil visually illustrates various concepts from the book, providing a unique and concise overview of key analytical principles.
Methodologies Learning Advice
For aspiring analysts, the advice of focusing on practical application of methodologies in real projects is crucial. Engaging with communities and seeking mentorship from experienced professionals can enhance learning opportunities. Practical experience combined with guidance from mentors and engaging with communities can enrich the understanding of analytical methodologies.
From running a controlled experiment to running a linear regression. From eyeballing a line chart to calculating the correlation of first differences. From performing a cluster analysis because that’s what the business partner asked for to gently probing for details on the underlying business question before agreeing to an approach. There are countless analytical methodologies available to the analyst, but which one is best for any given situation? Simon Jackson from Hypergrowth Data joined Moe, Julie, and Tim on the latest episode to try to get some clarity on the topic. We haven’t figured out which methodology to use to analyze whether we succeeded, so you’ll just have to listen and judge for yourself. For complete show notes, including links to items mentioned in this episode and a transcript of the show, visit the show page.
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