Mist 2090 Exam 2

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Mist 2090 Exam 2 4 step process that makes up "analytics" - ✔✔ask meaningful questions, acquiring relevant data, analyzing the data quantitatively, presenting the results 3 major categories of ... skills required for data science - ✔✔hacking skills, math and statistics knowledge, substantive expertise social network theory - ✔✔a way to collect and analyze data that represents a social network. the primary "unit" in this type of analysis is the individual node, and you can collect data that represents the various relationships between nodes ("ties"). 1st order questions - ✔✔"what should we put on our shelves?" 2nd order questions - ✔✔"how should we decide what to put on our shelves?" organizational impacts of "muting" HiPPOs - ✔✔shifting data driven decision-making can pull power and influence away definition of business process - ✔✔a sequence of tasks or activities that take a set of inputs and convert them to desired outputs functions - ✔✔- many existing companies are setup as different units - departments in an organization are responsible for different things - each unit often has its own info system that optimizes its work processes - ✔✔- cross functional - no single group or function is responsible for their execution - rely on each functional group to execute its individual steps silo effect - ✔✔workers complete their tasks in their functional silos without regard to the consequences for the components of the process consequences of poor organizational coordination - ✔✔delays, excess inventory, lack of visibility across the process delays - ✔✔- increased lead and cycle times - lead times - customer's perspective - cycle times - organization's perspective excess inventory - ✔✔"just in case" lack of visibility across the process - ✔✔status: "where is my order?" and how is the process doing BPMN - ✔✔- the emerging standard for specifying business processes in a business process model - goal is to provide standard notation readily understandable by all business stakeholders basic notation for BPMN - ✔✔event, task/activity, flow/arc, gateway event - ✔✔represents a thing that happens instantly task/activity - ✔✔represents a unit of work that has a duration flow/arc - ✔✔connects objects with each other and shows the order of elements in the process gateway - ✔✔object that represents things that separate and/or recombine flows user experience (UX) - ✔✔how effective and pleasant a product is to use user interface (UI) - ✔✔the set of ways in which a person interacts with a technology krug's first law of usability - ✔✔- don't make me think - as far as humanely possible, when you look at a web page, it should be self-evident. obvious. self-explanatory. how humans use apps/sites - ✔✔visual, precedence, Z pattern, F pattern, larger text usually a headline that summarizes a story below, and user decides what parts are useful 1st step of UX design process - ✔✔do research on your users: who are they? where are they from? where can you find them? 2nd step of UX design process - ✔✔build user personas - summarize your research from the first step into 2-3 (or more) discrete user personas - personas are fictional characters created to represent the different user types that might use a site, brand, or product in a similar way 3rd step of UX design process - ✔✔create user stories - bring the whole team together to define goals for each user - try to map out the whole scenario for the user's experience on the site or app ("scenario map") - build out the sitemap and think about navigation 4th step of UX design process - ✔✔start creating wireframes and interaction prototypes 5th step of UX design process - ✔✔UI, visual design, and delivery - UX refers to user experience design while UI stands for user interface design (and is closer to graphic design) - create a style guide for spacing, padding, font sizes, etc. 6th step of UX design process - ✔✔metrics analysis: validate your design - use analytics tool track down how users use the product, how they interact, can they reach the goal we want them to, etc. - a UX researcher will test designs and analyze data from actual users and give recommendations to improve the function and design wireframes - ✔✔- a visual guide that represents the skeletal framework of a website - should include: navigation, input components, key interface elements - not the final design definition of a platform - ✔✔a digital environment characterized by near-zero marginal cost of access, reproduction, and distribution advantages of platform-based business models - ✔✔- reduce or remove long-standing barriers that keep people from transacting with each other - can influence the flow of transactions to absorb more of the benefits of those transactions disadvantages of platform-based business models - ✔✔- you have to decide what to focus on...the consumer or the producers - it's hard to lure people away from a mature platform because the content producers want to be where the consumers are, and the content consumers want to be where the producers are more advantages/disadvantages of platform-based business models - ✔✔- massively distributed - innovation - risk transfer - capturing the long tail - competitive sustainability free - ✔✔once something has been digitized, it's essentially free to make an additional copy of it perfect - ✔✔copies are every bit as good as their digitized originals instant - ✔✔networks allow distribution of a free, perfect copy of information goods from one place to another virtually immediately network effects - ✔✔refers to the phenomenon by which a product or service gains additional value as more people use it benefits of platform-based business models - ✔✔bundling/unbundling, pre-purchase sampling, service-based revenue models, ecosystem of complementary products unbundling - ✔✔separating resources that used to be tightly clustered together and difficult to consume one-by-one bundling - ✔✔grouping a popular resource with an unpopular resource to encourage consumption pre-purchase sampling - ✔✔allow platform users to sample goods before purchasing service-based revenue models - ✔✔sell goods as a service with a monthly fee the role of complementary goods in shifting demand curves - ✔✔when the price of good A goes down, the demand curve of good B shifts out (demand increases) cost of open platform ecosystems - ✔✔being too open/allowing things like cybercrime into the market benefits of open platform ecosystems - ✔✔increase consumer surplus, increase demand, and platform owners get data curation - ✔✔platform owner sets strict standards for user generated content, but it has to be approved under strict guidelines reputation systems - ✔✔platform owner establishes a system for users to rate content to ensure that high-quality content is easily accessible and low-quality content falls away habits of successful platforms - ✔✔- early to the space - take advantage of the economics of complementary goods - open up platforms to a broad range of contributers - curate platforms to deliver a consistent experience platform management of perishing inventory - ✔✔when inventory is perishable, the marginal cost of filling the spaces can be very low (fixed costs are constant) O2O platforms - ✔✔- platforms whose offerings involve atoms (as opposed to bits) and take place in the real world - do not necessarily have perishing inventory problems...when assets are long-lived rather than perishable, owning them enables companies to rent them as a service (ex. Rent the Runway) - while much of the development in these platforms has been B2C, the authors predict the growth of B2B platforms in the future; examples: empty space on trucks and in warehouses, freelance work, booking venues, etc. platforms as engines for liquidity in markets - ✔✔assurance that a transaction will happen without huge price changes incumbent organizations and the role of regulation - ✔✔- a mature, well-designed platform ecosystem has so much power that it becomes nearly impossible for other players in a market to compete with it - regulation was at times the incumbents' best defense against digital upstarts [Show More]

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