An Accelerated Master’s Degree: Data Mining in a Book (or Two)

DataMining

Photo by Stuck in Customs

There have been plenty of books recently published on the concept of Deliberate Practice, which essentially says that it takes 10,000 hours of a certain kind of practice (called ‘deliberate’) to gain expertise in something.   It makes sense that the majority of what we want to learn in any discipline is going to be experiential (or gained through practice).  But in order to better understand our experiences, we want to have some kind of framework of what to expect.  We want to develop a theory structure.

Books are what give us this theory structure, and certainly the quality of the theory structure we begin with impacts the amount of deliberate practice we need to become an ‘expert.’  So it’s important to choose the right books, as they will provide the base infrastructure upon which we will layer our experiences.  We’re looking for books that concisely capture the overriding concepts of a particular discipline.

And in any discipline, at least one fairly well defined, there doesn’t need to be that many books to accomplish this.  I would generally say that 3 books or fewer, for each discipline, will give you a proper theory structure.

With that in mind, let’s look at Data Mining…  Read More »

How to Avoid Vanity Metrics: Getting Under the Hood of Business

VanityMetrics

Photo by juanillooo

Mental Models Used: ,

Most organizations have analysts reviewing financial and operational information on a regular basis – the objective being to gain some kind of meaning from information, and to capture that meaning with a metric or metrics.  Analysts are generally providing descriptive information (telling us how we’ve done) or predictive information (telling us how we suspect we will do).

But many commonly used metrics don’t provide any actionable insight.  In other words, they’re just for show.  These are called vanity metrics.  Other times metrics don’t properly measure the underlying data, potentially resulting in what only appears to be a valid metric on the surface.  This is called an Isomorphism.

A metric is only as valuable as its ability to decipher underlying data.  When metrics are properly developed and implemented, they become meaningful because they capture the drivers that lead to the behaviors and decisions desired.

A great resource for understanding metrics is the book Lean Analytics.  Although geared to start-ups, the logic used is widely applicable to organizations large and small.  You will find much of this logic in the following paragraphs.  Read More »

Finding Angels in the Details: The Value of Information

InformationLayers

Photo by Stuck in Customs

Many of the most powerful inventions throughout human history, from language to the modern computer, were those that enabled people to better generate, capture, and consume data and information.  And at no time in our history have we captured more data than we do today.  McKinsey estimates that global data is growing at a rate of 40% per year.  The more data captured, the more opportunity for enhanced decision-making.  But in order for that to happen, data must be turned into information, and information must be turned into knowledge.  Read More »

How to Build Relationships and Deliver Happiness: The Story of Zappos

Zappos

Photo by bunnicula

In 1999, Tony Hsieh made an investment in a online shoe shop that was then called shoesite.com.  It was renamed shortly thereafter, and today we know it as zappos.com.  The first year wasn’t very pretty, but in year two Zappos started to show some traction.  It ended the year 2000 with $1.6 million in gross sales.  Gross sales continued to climb, and by 2008, they had exceeded $1 billion.  This is an absurd level of sales growth, yet the fuel for this growth was amazingly straightforward.  Read More »

Giving Information Meaning: The Rise of Business Analytics

BAnalytics

Photo by slack12

Business Analytics is the scientific process of transforming data into insight for making better decisions.  Data doesn’t always cooperate with this process, as it is often massive and messy.  But no matter what condition data is in, we use business analytics to make decisions with it.

In order to make these decisions, we have to understand the ultimate value that various combinations of this data can present.  So, we measure it.  That is, we measure what data carries: information.  Measurement is what informs uncertain decisions, and almost all decisions are made under uncertainty.  Read More »

An Accelerated Master’s Degree: Statistics in a Book (or Two)

Print
Topics: Statistics
Statistics

Photo by jamesjustin

There have been plenty of books recently published on the concept of Deliberate Practice, which essentially says that it takes 10,000 hours of a certain kind of practice (called ‘deliberate’) to gain expertise in something.   It makes sense that the majority of what we want to learn in any discipline is going to be experiential (or gained through practice).  But in order to better understand our experiences, we want to have some kind of framework of what to expect.  We want to develop a theory structure.

Books are what give us this theory structure, and certainly the quality of the theory structure we begin with impacts the amount of deliberate practice we need to become an ‘expert.’  So it’s important to choose the right books, as they will provide the base infrastructure upon which we will layer our experiences.  We’re looking for books that concisely capture the overriding concepts of a particular discipline.

And in any discipline, at least one fairly well defined, there doesn’t need to be that many books to accomplish this.  I would generally say that 3 books or fewer, for each discipline, will give you a proper theory structure.

With that in mind, let’s look at Statistics…  Read More »

The Story of Microsoft and the Three Men Who Made It

microsoft

Photo by Amit Chattopadhyay

The story of Microsoft, considering its creation spawned 3 of the 60 richest men in the world today, is an important one to understand.  Bill Gates, Paul Allen, and Steve Ballmer have amassed incredible amounts of wealth from Microsoft.  This is the story of how.  Read More »

Three Mental Models Great Managers Use

Shangri-La

Photo by Dhilung Kirat

Organizations, left unattended, move toward disorder.  The realities of Parkinson’s Law – the idea that work expands to fill the amount of time allocated to complete it – have been well documented.  So, Parkinson’s Law helps to explain why organizations naturally evolve towards disorder, and ultimately poor performance.  Managers, of course, act to correct this.  An array of mental models assist managers in working against this natural disorder, but there are three primary mental models that produce the majority of the results:  Read More »

An Accelerated Master’s Degree: Ethics in One Book

Print
Topics: Ethics
Lamp in Hakone

Photo by Stuck in Customs

There have been plenty of books recently published on the concept of Deliberate Practice, which essentially says that it takes 10,000 hours of a certain kind of practice (called ‘deliberate’) to gain expertise in something.   It makes sense that the majority of what we want to learn in any discipline is going to be experiential (or gained through practice).  But in order to better understand our experiences, we want to have some kind of framework of what to expect.  We want to develop a theory structure.

Books are what give us this theory structure, and certainly the quality of the theory structure we begin with impacts the amount of deliberate practice we need to become an ‘expert.’  So it’s important to choose the right books, as they will provide the base infrastructure upon which we will layer our experiences.  We’re looking for books that concisely capture the overriding concepts of a particular discipline.

And in any discipline, at least one fairly well defined, there doesn’t need to be that many books to accomplish this.  I would generally say that 3 books or fewer, for each discipline, will give you a proper theory structure.

With that in mind, let’s look at Ethics…  Read More »

The Story of Les Schwab and His Pride in Performance

Schwab Close

Photo by ocad123

Business often comes down to a core set of principles.  And the story of Les Schwab is no exception.  Keeping things in their simplest form (Reductionism) is what allows us to arrive at a core set of principles, but this is often difficult to do. Reductionism is a key aspect of understanding anything.  If we apply this concept to business, it always comes down to people.  It really comes down to decisions, but decisions are made by people.  And what I love about the Les Schwab story is that he so clearly understood the importance of this.  He loved people.  And if you’re in business, it really helps to love people – no matter how weird, how exotic, how aloof, or how awkward.  Read More »