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Analytical Approach
- Answer the right question
Number one reason why analytical projects fail is answering the wrong question. The right research question helps make a good decision by identifying the decision options and comparing them in a comprehensive manner.
- Use the simplest analytical method that answers the question
Simple methods are more transparent, easier to communicate, and are less prone to errors. Only switch to more advanced methods when the simpler ones have failed to adequately answer the question.
- Provide specific recommendation
There are many intriguing things that analytics can uncover. While exciting and interesting, they rarely provide specific guidance to decision-making. Identifying decision options and comparing them helps us be more useful.
- Prepare for unexpected answers
The greatest thing about analytics is that the answers are often not what we expect. It challenges our thinking and gives us new ways to look at the business. Leverage the power of unexpected answers to ask better questions and gain a competitive advantage.
- All models are wrong, but some are useful
We live in the world of likelihoods, and often, there is no final answer. However, solid answers to key questions can guide you to better performance. It’s better to be right 80% of the time than 20%.