Data Analytics Guide

Module 5

Summary

This video will cover the next steps after defining a problem and identifying the necessary data, focusing on how to source that data while considering time and cost. It explains that data can come from internal sources — such as financial records and employee data — which are typically free and easily accessible. For broader insights like market trends or competitor analysis, external sources such as social media, government databases, or commercial providers may be needed. These external sources vary in cost and reliability but often offer pre-cleaned data that saves time. The video emphasizes the importance of ensuring all data aligns with the business problem and identifying any gaps, or 'data holes,' that still need to be filled.

Key Terms

• Problem Statement: A clear, concise description of the issue or challenge that data analysis aims to address. • Data Wish List: A detailed enumeration of the specific types of data required to solve a defined business problem.