As business students, we are embarking on an adventure – to discover this complex VUCA world.
Why do people say data is the new gold or the new oil? Oil has been in the ground for thousands of years. But until humans know how to tap it, the oil is useless.
So too with data. Today with supercomputers to tap the data, we have the birth of data analyst and the tools used, namely the Data scientific method.
- Ask a question.
- State a hypothesis about the answer to the question.
- Make a testable prediction that would provide evidence in favor of the hypothesis if correct.
- Test the prediction via an experiment involving data.
- Draw the appropriate conclusions through analyses of experimental results.
Knowing what question to ask is the first step because it helps clarify where the problem is. In BMGC, learn to understand the questions, they are handles for you to find the solution.
Dont memorise the answers because that can change.
The famous scientist Einstein was once asked why he set the same questions every year for final exams. To which he replied, the question is the same but the answers have changed. This is where data comes in. Data helps us know the answers have changed.
But first, learn the questions.