From the course: Data Analytics for Students
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Identify the key performance indicators
From the course: Data Analytics for Students
Identify the key performance indicators
When you're trying to solve a problem with data, not all numbers matter equally. Some metrics tell you exactly how well things are going, and those are the ones you want to pay attention to. These key metrics are called Key Performance Indicators-- or KPIs for short. KPIs are the specific data points that show whether you're making progress toward solving the problem you identified. Once your problem is clearly defined, the next step is choosing the KPIs that will help you measure success. The whole point is to track the data that actually reflects improvement, not every metric you can get your hands on. When setting KPIs, you have two goals. First, choose metrics that clearly measure whether the effort is working. You should be able to look at these numbers and quickly tell if things are moving in the right direction. For example, you might choose a KPI that tracks growth, efficiency, cost, or engagement-- whatever best fits the problem you're solving. Second, avoid choosing too many…
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