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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
Concepts
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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The Economic Value of Data Calculation

We will end this chapter with the mathematical formula for the Economic Value of Data calculation. If you can't put the formula into math, well, it'll be hard to lay claim to that Nobel Prize in Economics that I so badly desire!

The Economic Value of a Dataset (EvD) equals the sum of the Attributed Financial Value (FV) of a specific Use Case (Use_case_FV) that each dataset provides to that specific Use Case:

where m is the number of use cases, nj is the number of data sets per use case j, and a0 is a bias.

Using Figure 5.5 (repeated below as Figure 5.8 for simplicity), you apply this formula as such:

  • The first iteration covers the Vendor Quality use case [Use_case_FV1], where [Use_case_FV1] equals $60M. [Count Data_Set] = 3 since there are 3 data sources (data sources A, B, and C) that support the analytics for [Use_case_FV1]. Each of the 3 data sources is attributed (1 ÷ [Count Data_Set]) of the [Use_case_FV...
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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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