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The Economics of Data, Analytics, and Digital Transformation

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

Product type Book
Published in Nov 2020
Publisher Packt
ISBN-13 9781800561410
Pages 260 pages
Edition 1st Edition
Languages
Author (1):
Bill Schmarzo Bill Schmarzo
Profile icon Bill Schmarzo

Table of Contents (14) Chapters

Preface The CEO Mandate: Become Value‑driven, Not Data-driven Value Engineering: The Secret Sauce for Data Science Success A Review of Basic Economic Concepts University of San Francisco Economic Value of Data Research Paper The Economic Value of Data Theorems The Economics of Artificial Intelligence The Schmarzo Economic Digital Asset Valuation Theorem The 8 Laws of Digital Transformation Creating a Culture of Innovation Through Empowerment Other Books You May Enjoy
Index
Appendix A: My Most Popular Economics of Data, Analytics, and Digital Transformation Infographics
Appendix B: The Economics of Data, Analytics, and Digital Transformation Cheat Sheet

Chapter 3: A Review of Basic Economic Concepts

  • Economics is a branch of knowledge concerned with the production, consumption, and transfer of wealth; economics is about the creation of value.
  • The Economic Value Curve is a measure of the relationship between a dependent variable and independent variables to achieve a particular business or operational outcome.
  • Analytic Modules are composable, reusable, continuously learning analytic assets that deliver predefined business or operational outcomes.
  • The Law of Diminishing Returns is a measure of the decrease in the marginal output of production as the amount of a single factor of production (input) is incrementally increased.
  • The Economic Multiplier Effect refers to the increase in final income arising from any new injection of spending.
  • Marginal Propensity to Consume (MPC) measures the impact of a change in output (production) as a ratio to the change in input (investment).
  • Utility refers to...
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