Week 6 Recap

This week I only attended Tuesdays class but in that class we learned valuable information. Going into the week I was not aware that there was a difference between facts/findings and insights. I had an idea that facts could be a type of insight or vis versa but that is not the case. We learned that a fact is information that will lead to an insight. Insights are turning that information into an understanding that can be further developed into a hypothesis or experimental question. In our day to day lives we are presented with factual information about many aspects of our lives and how we interpret or develop those facts creates our own insights. After being able to decipher the differences I began to notice how our minds naturally create insights. In my ILP class on Wednesday we were looking at educational stats in underdeveloped countries around the world. After looking at this data, which were my facts/findings, our teacher asked us "what does this mean?" After this question was imposed, my min automatically cooked up an insight about how these statistics relate to the country's development or success. This insight then lead to an overall follow up question/hypothesis about how education effects a country's overall success in the world. This process is critical in analytics because it helps all individuals in a company understand how a data analyst process information in order to solve a problem. We also looked at Chi-square which is the main statistic used to measure statistical significance. This is important because it shows whether or not two variables are independent which then leads into whether the hypothesis should be exempt or not. Creating a hypothesis before following through with any type of experiment is important in being able to predict what will occur do to chance. This statistic helps prove whether those hypothesis or original insights were correct or not and how it relates to the independence of the variables. This concept is valuable in cross tabulation because this is where variables are compared side by side with percentages. This is how the Chi-square can blatantly show the difference or similarity between the variables.

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