Original Discussion was: Read Lecture 1 and view The Role of Data & Analytics Today (Links to an external site.) video. React to the material in the lecture and video. What is new? Is there anything you found to be unclear? How could you relate these ideas to issues and problems within your degree area? Respond to the following two discussions below:
The new information that I learned in week one lecture one was the importance and impact of data and analytics in business. I do not typically deal with the details of anyone else’s salary on the day to day in my job, so it never occurred to me the amount of work that went into making sure everyone is paid fairly.
Honestly, I thought the question “Do males and females receive equal pay for equal work?” was an easy question to answer, however now I am starting to grasp that there is more than just surface information to look at when considering an answer to that question. For example, I did not think to look at the job grade or age.
The only information that I felt was unclear in the lecture was the importance of the types of data: nominal, ordinal, interval, and ratio. I did not see where that information was needed in the week one assignment so I am assuming that it was just good information to know, or maybe information to know for future weeks.
Other than that, I believe I understood the first lecture, and since it was meant to be mostly general information, I am hoping that the week two or three lecture will give me better insight on the week one assignment and how to answer those questions.
My degree will be in Project Management, so although I won’t work specifically with salaries, I will have to deal with contractors bidding on projects. Statistics will help me use the data from each contractor (such as previous ratings, pay, etc.) to pick the best one for the project.
I think that making fact-based decisions based on some level of data and analytics is something that I do every day. What is new is the actual business process and formal way of collecting and analysing that data. Although I commonly use Excel, it’s more for organising information. I don’t know how to use any of the computing features.
I don’t know what data sets or raw numbers or any of the jargon of statistics in the first lecture are. I will really be starting from scratch. When I read the relation of statistical information to a crime show, I’m not immediately making the connection but I do appreciate that eventually I will be able to connect the information in structure that I am familiar with.
Is there anything you found to be unclear?
When I read about the comparation I am not exactly understanding how the areas to gather were decided. Who decides what should be evaluated? Is it all relevant? Also, how was the $48,000 decided as the mid-point?
How could you relate these ideas to issues and problems within your degree area?
Since my degree will be in Business Administration, statistical data is important. However, I use statistics in a very bare bones way now so I wonder if this in-depth approach is something that I would actually use. I wonder if statistics to this complication is necessary but I know as I learn in the course, I will be able to apply more.