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Keeping Up with the Quants: Your Guide to Understanding and Using Analytics by Jinho Kim, Thomas H. Davenport

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2

Framing the Problem

While there are many different types of quantitative analysis, they all have certain key features and steps in common. As we noted in chapter 1, a quantitative analysis follows the following three stages and six steps:

FRAMING THE PROBLEM

  • Problem recognition
  • Review of previous findings

SOLVING THE PROBLEM

  • Modeling and variable selection
  • Data collection
  • Data analysis

COMMUNICATING AND ACTING ON RESULTS

  • Results presentation and action

In this chapter and chapters 3 and 4, we’ll describe each stage and step individually, and provide a couple of examples of quantitative analyses that cover all six steps, but feature the particular stage of analysis being discussed in the chapter. At the end of each of the three chapters ...

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