Week 2 Reflections

9/9/18

In this weeks classes we discussed the basic analytic process after reading about it in chapters 4 and 6 of Harvard Business. We learned that their is four steps to this process that include 1. Ask a question 2. Figure out what data will be needed to answer the question 3. Where will the data be found and 4. ultimately answer the question and communicate the results. We learned that we must be as precise as possible, and that its extremely important to be as specific as possible in both the question and the metrics used to answer it.

We further analyzed the basic analytic process by bringing it back to the ping pong games we played our first class meeting. We worked with partners to ask a question and analyze the question asked in relation to our ping pong game. This is where I learned just how important it is to be as specific as possible with data and metrics because after thinking about what metrics I should be using and got as specific as possible, my partner and I ended up changing our question entirely.

Another thing we did for was MBTN's tutorials, where our first tutorial was on percentages. This was a good first tutorial to get the class used to seeing numbers and percentages, as I assume they will become more apparent in our class in the future. I found this to be interesting because all the tutorials are based on concepts and I'm excited to see what other concepts we will learn throughout the semester.

The basic analytic process was what I found most interesting this week, just beginning to understand how important analytics are for business's to be efficient and successful, I have noticed I have had to use it myself with my business partners in our e-commerce store. In the drop shipping/ wholesaling business, profits are never guaranteed and often have swings month to month depending on the products being sold. After some monthly declines, we asked the question should we ultimately change all the products we sell? With metrics from website visits, advertising mouse clicks, sales, and products being sold, we ultimately changed what we sell online from clothes, hats, and accessories to kitchen, outdoor, and garden. The data analytic process showed me how business owners have to think daily, and I'm looking forward to what else I can learn in class to continue improving my own business.