MIST Test 2, questions and answers scored A+

MIST Test 2, questions and answers scored A+ 4-step process that makes up "analytics" Asking meaningful questions Acquiring relevant data Analyzing the data quantitatively Presenting the results 3 major categories of skills required for data sciene Hacking Skills Math and Statistics knowledge Substantive expertise Social Network Theory (generally) One Way to represent statistics/comparing teams or players (Soccer example) has nodes, links, clusters, hubs, etc 1st vs. 2nd order questions 1st order is "what should we put on our shelves?" 2nd order is deeper thinking such as "Why should we put xyz on our shelves?" Organizational impacts of "muting" HiPPOs" Data driven decisions are much more consistent and accurate Definition of Business Process A business process is a sequence of tasks or activities that take a set of inputs and convert them into desired outputs -goal directed and can be completed in sequence or parallel Functions vs. Processes A functional business orientation organizes a company along functional lines (sales has a sales system, purchasing has a purchasing system) A process orientation means that the company focuses on business processes (no one system is responsible because it is "cross functional") Silo effect workers complete their tasks in their functional silos without regard to the consequences for the other components of the process The silo nature of the functional organizational structure and the cross-functional nature of processes are at odds with each other There is a need for communication and collaboration between function Consequences of poor organizational coordination Delays (Increased lead times,Increased cycle times) Excess inventory("just in case", Lack of visibility across the process) Status ("where is my order", "How is the process doing") BPMN and basic notation (event, task/activity, flow, parallel/exclusive gateways, lanes, and pools) BPMN is the emerging standard for specifying business processes in a business process model (understand the in class activity) Definition of User Experience (and contrast with "User Interface Design") UX refers to user experience design (is the process of enhancing customer satisfaction by improving the usability, ease of use, and pleasure provided in the interaction between the customer and the product) UI stands for user interface design (and is closer to graphic design/COSMETICS) Krug's first law of usability means that—as far as humanly possible—when you look at a Web page, it should be self-evident. Obvious. Self-explanatory. How humans use apps/sites (e.g., satisficing vs. optimizing, scanning with visual precedence patterns) create a clear visual hierarchy on each page (Visual precedence: How our eyes scan content) The "Z" pattern in designs without much text The "F" pattern in designs with more text Six-step UX design process 1.Do research on your users 2.Build user personas 3.Create user stories 4.Start creating wireframes and interaction prototypes 5.UI, visual design, and delivery 6.Metrics Analysis: Validate your Design! Wireframes (where they fit in the UX design process, what should be included, how they are used A visual guide that represents the skeletal framework of a website or application --Should be included-- -Navigation -Input components -Key interface elements prototypes are created later from wireframes Definition of a platform Platforms are online environments that take advantage of the economics of free, perfect, and instant ( To be more precise, a platform can be defined as a digital environment characterized by near-zero marginal cost of access, reproduction, and distribution) General advantages/disadvantages of platform-based business models pros These business own mainly applications and code (asset light) allowing them to scale up rapidly -Platforms can influence the flow of transactions to absorb more of the benefits of those transaction -build communities cons Platforms must overcome a "chicken or egg" problem before they can grow must arrive to the market early "Free, Perfect, Instant" and "Network Effects" as two kinds of disruptive economics Free - reproduction costs are low or free Perfect - digital copies are as perfect as original Instant - distribution of free and perfect copy is virtually instant The network effect refers to a phenomenon by which a product or service gains additional value as more people use it (fax machine when people don't have fax machines) Benefits of platform-based business models (e.g., bundling/unbundling, pre-purchase sampling, service-based revenue models, ecosystem of complementary products) Unbundle resources that used to be tightly clustered together and difficult to consume one-by-one Bundle a popular resource with an unpopular resource to encourage consumption Allow platform users to sample goods before purchasing Sell goods as a service with a monthly fee Build an ecosystem of complementary products The role of complementary goods in shifting demand curves (both in general and also in its application to digital platforms) For complementary goods, when the price of good A goes down, the demand curve of good B shifts out (meaning that demand goes up) -Iphone and apps example The tradeoffs between open and closed platform ecosystems open platform brings value to your products and shifts the demand curve out the tradeoff is the money must be spent on security and teams to closely monitor developers (cybercrime, cyber bullying, etc) The role of curation and reputation systems in platforms (e.g., as a means to ameliorate some of the harms of platform openness) Curation:Platform owner sets strict standards for user generated content, but it has to be approved under strict guidelines Reputation systems:Platform owner establishes a system for users to rate content to ensure that high-quality content is easily accessible and low-quality content falls away Habits of successful platforms -early to space -takes advantage of complimentary goods -opens up platforms to contributors -curate platforms to deliver consistent experience Platform management of perishing inventory (revenue management solutions) When inventory is perishable (e.g., class space, airplane seats, etc.) the marginal cost of filling the spaces can be very low (fixed costs are constant!) (ClassPass example selling remaining yoga class spots)