From the course: Certified Analytics Professional (CAP) Cert Prep

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Acquiring data

Acquiring data

From the course: Certified Analytics Professional (CAP) Cert Prep

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Acquiring data

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- [Instructor] After identifying and prioritizing data needs and resources, we can move on to actually collecting the data we need. During this phase, our focus should be finding out which type of data acquisition will be most effective for solving our analytics problem. We can use a decision tree to reach our conclusion on the choice of the data acquisition method. A decision tree uses a tree structure with information on possible consequences and probabilities of events to support the reasoning process. Here is a simple decision tree, which shows the benefits of introducing innovations. You can either choose to repeat the same business practices or decide to introduce innovations. With the decision to continue with the status quo, you may maintain the current revenue. By being innovative, the consequences could be either excellent or poor. The tree is not very helpful the way it is, but it becomes more powerful with…

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