Week 3 Recap

This week we talked about the intricate aspects that go into the lather, rinse, repeat process. This process is important in outlining how to get the most effective outcome without wasting time or money. We used the article about how publicity and advertising spending effects a companies performance to help go through the process. The first aspect of the process is figuring out the problem, how the data can solve that problem, and where you can get that data. In terms of the article, the problem was finding what is more effective or what out weighs the other, publicity or advertising spending. To find how the data can solve this problem we had to go through the metrics. These metrics included corporate brand attitude, sales revenue, corporate reputation, profitability, and firm value. We found out that these are not actually the metrics but the avenues or routes taken to get the right metrics. Sales revenue is obviously the monetary value, the corporate reputation is a scaling system (1-10), profitability is the net income, and firm value is the stock price. The place you would go to get this data would be from the five industry sources for fifteen forms in the computer technology market. Quarterly and annual evaluations were taken from January 1, 2000 to July 1, 2003. After going through this "lather" process now you would move into the "rinse" aspect that where you figure out how to model the solution and what was learned. In this case what was conjured was that public relations is extremely important so the company can influence and control their publicity. Once the information is analyzed now you "repeat". This process is very important in relaying information as if you were a data scientist. Not everyone has the technical skills but having this break down makes all individuals be on the same page. We also jumped into the beginning of measuring certain analytical aspects such as central tendency, dispersion, normal distributions, and other facets.

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