The Chief Data Officer Management Handbook: Set Up and Run an Organization’s Data Supply Chain

© Martin Treder 2020

M. TrederThe Chief Data Officer Management Handbookhttps://doi.org/10.1007/978-1-4842-6115-6_20

20. Analyzing Data

Martin Treder¹ 

(1)

Königswinter, Nordrhein-Westfalen, Germany

 

Figure 20-1

Useless Analytics

Preconditions of meaningful Analytics

Are precise algorithms and high-quality data all you need?

If you tend to say “yes,” let me try to disappoint you…

Even if you have reliable data and if you use mathematically proven algorithms, the results may not be watertight.

Here are the two main challenges:

• The preconditions for the applicability of an algorithm

• Ambiguous interpretation of rules

Let me use the example of the well-known ANOVA ...