ORDER YOUR PAPER AND GET QUALITY FOR YOUR MONEY
Design an ExperimentImagine you are a data scientist at your company. The management team is looking to make data-driven decisions to improve sales of your product or service. You need to help the management team make these decisions.Choose a product or service within your current organisation, and think of an alternative. How would you design an experiment to measure the success (or failure) of changes you could propose to the management team?Some things to think about as you design the experiment:ScopeAre you answering a specific question with a hypothesis-driven approach?Do you have clearly defined dependent and independent variables?What is the “Big Hammer”?What is the intervention you want to test? Is the idea big enough to have a noticeable impact on your business?How large would your sample size need to be to demonstrate statistical significance?Success (or failure)What are your metrics for success (or failure)?What is your variable of interest?FeasibilityAre you using a sample pool that is representative of the target audience? Can you randomise?Is it cost effective to do so?Do you have a control group?Buy-inWill your management team act on the results?What if the results go against the current plan?Culture of learningDo you have a culture of learning at your company?Is it considered okay to fail?As you design your experiment think back to the TopHotel experiment discussed in the video lectures.Be sure to describe the current situation and what you hope to change after running this experiment.
0 comments