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Analytics Strategy that is Startup Compliant
With right tools, capturing data is easy but not being able to handle data could lead to chaos. One of the most reliable startup strategy for adopting data analytics is TUM or The Ultimate Metric. This is the metric that matters the most to your startup. Some advantages of TUM: It answers the most important business question, it cleans up your goals, it inspires innovation and helps you understand the entire quantified business.
[ DATA SCIENCE Q&A]
Q:Explain the difference between long and wide format data. Why would you use one or the other?
A: * Long: one column containing the values and another column listing the context of the value Fam_id year fam_inc
* Wide: each different variable in a separate column
Fam_id fam_inc96 fam_inc97 fam_inc98
Long Vs Wide:
– Data manipulations are much easier when data is in the wide format: summarize, filter
– Program requirements
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Hiding within those mounds of data is knowledge that could change the life of a patient, or change the world. Atul Butte, Stanford
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[ FACT OF THE WEEK]
In the developed economies of Europe, government administrators could save more than 100 billion ($149 billion) in operational efficiency improvements alone by using big data, not including using big data to reduce fraud and errors and boost the collection of tax revenues.