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You're reading from  The Economics of Data, Analytics, and Digital Transformation

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Published inNov 2020
PublisherPackt
ISBN-139781800561410
Edition1st Edition
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Data Analysis
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Bill Schmarzo
Bill Schmarzo
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Bill Schmarzo

Bill Schmarzo, The Dean of Big Data is a University of San Francisco School of Management Executive Fellow and an Honorary Professor at the School of Business and Economics at the National University of Ireland-Galway where he teaches and mentors students in his courses “Big Data MBA” and “Thinking Like a Data Scientist". He is the author of Big Data: Understanding How Data Powers Big Business, Big Data MBA: Driving Business Strategies with Data Science, and The Art of Thinking Like a Data Scientist. He has written countless whitepapers, articles and blogs, and given keynote presentations and university lectures on the topics of data science, artificial intelligence/machine learning, data economics, design thinking and team empowerment.
Read more about Bill Schmarzo

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Efficiency

Efficiency is a relationship between ends and means. When we call a situation inefficient, we are claiming that we could achieve the desired ends with less means, or that the means employed could produce more of the ends desired.

Economic Efficiency is measured not by the relationship between the physical quantities of ends and means, but by the relationship between the value of the ends and the value of the means. When we say a process is "inefficient," we are saying that we should be able to produce the desired output with less effort or produce more output with the same effort. That's the economic equivalent of "doing more with less" that we discussed at the beginning of this chapter.

Data Ramifications: Data and analytics play a major role in driving efficiency improvements by identifying operational deficiencies and proposing recommendations (prescriptive analytics) on how to improve operational efficiencies. The aggregation of the...

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The Economics of Data, Analytics, and Digital Transformation
Published in: Nov 2020Publisher: PacktISBN-13: 9781800561410
© 2020 Packt Publishing Limited All Rights Reserved

Author (1)

author image
Bill Schmarzo

Bill Schmarzo, The Dean of Big Data is a University of San Francisco School of Management Executive Fellow and an Honorary Professor at the School of Business and Economics at the National University of Ireland-Galway where he teaches and mentors students in his courses “Big Data MBA” and “Thinking Like a Data Scientist". He is the author of Big Data: Understanding How Data Powers Big Business, Big Data MBA: Driving Business Strategies with Data Science, and The Art of Thinking Like a Data Scientist. He has written countless whitepapers, articles and blogs, and given keynote presentations and university lectures on the topics of data science, artificial intelligence/machine learning, data economics, design thinking and team empowerment.
Read more about Bill Schmarzo

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