access to useful data significantly increased in a year?
According to Amy Braverman, a principal statistician who analyzes NASA’s spacecraft data, the
problem is in interpreting the new kinds and volumes of data we are able to collect. “This
opportunistic data collection is leading to entirely new kinds of data that aren’t well suited to
big data.
With strong need combating the high hurdle for usability, how should a company get started
using big data? The quick answer seems to be to hire talent. But not just anyone will do. Here
are some points to ponder when hiring data professionals:
1. Look for candidates with a strong educational background in analytics/statistics.
data.
2. The ideal candidates will have specific experience in your industry or a related
at Ernst & Young.
advanced in big data.
4. Communication skills are a must. Look for a candidate “who can translate Ph.D. to
people to find.”
5. Find candidates with a proven record of finding useful information from a mess of
and discerning.
data projects have a short-term focus.
7. Test candidates’ expertise on real problems. Netflix’s Director of Algorithms asks
this particular problem?”
Sources: M. Taes, “If I Could Have More Data…,” The Wall Street Journal, March 24, 2014, R5; S. Thurm, “It’s a Whole
Wall Street Journal, February 4, 2014, B7.
Questions
1-18. Let’s say you work in a metropolitan city for a large department store chain and your
manager puts you in charge of a team to find out whether keeping the store open an hour
longer each day would increase profits. What data might be available to your
decision-making process? What data would be important to your decision?
Answer: Relevant internally-generated variables would include number of customers in
the store prior to closing, sales levels prior to closing, and so on. Data along these lines is
probably readily available to companies that track sales. Managers would also probably