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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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Scarcity

Scarcity refers to limitations—insufficient resources, goods, or abilities—to achieve a desired end. Optimizing decisions about how to make the best use of scarce resources is a fundamental economics challenge.

Scarcity refers to resources being finite and limited. Scarcity means we have to decide how and what to produce from these limited resources. It means there is a constant opportunity cost involved in making economic decisions, and a need to balance unlimited needs and wants against a limited supply (see Figure 3.9).

Figure 3.9: Dilemma of Scarcity

Scarcity is at the heart of the economics discussion because organizations do not have unlimited financial, human, or time resources. Consequently, organizations must master balancing their scarce assets against the nearly unlimited opportunities. And there are always more opportunities than there are resources (the real essence of the scarcity dilemma).

Data Ramifications: Scarcity plays...

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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)

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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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