Descriptive Analytics
The interpretation of historical data to identify trends and patterns. Important for understanding past performance and informing future decision-making.
22 topics found for:
“historical data”
Normal Distribution
A statistical distribution where most occurrences take place near the mean, and fewer occurrences happen as you move further from the mean, forming a bell curve. Crucial for data analysis and understanding variability in user behavior and responses.
Sales Forecasting
The process of estimating future sales based on historical data, trends, and market analysis. Crucial for setting realistic sales targets and planning resources effectively.
Empirical Rule
Also known as the 68-95-99.7 Rule, it states that for a normal distribution, nearly all data will fall within three standard deviations of the mean. Important for understanding the distribution of data and making predictions about data behavior in digital product design.
Predictive Analytics
The use of statistical techniques and algorithms to analyze historical data and make predictions about future outcomes. Important for optimizing marketing strategies and anticipating customer needs.
Forecasting
The process of making predictions about future trends based on current and historical data. Useful for anticipating user needs and market trends to inform design decisions.
Demand Forecasting
The process of predicting future customer demand using historical data and other information. Crucial for optimizing inventory levels, production schedules, and supply chain management.
Three-Sigma Rule
A statistical rule stating that nearly all values in a normal distribution (99.7%) lie within three standard deviations (sigma) of the mean. Important for identifying outliers and understanding variability in data, aiding in quality control and performance assessment in digital product design.
LTV
Lifetime Value (LTV) is a metric that estimates the total revenue a business can expect from a single customer account throughout their relationship. Crucial for informing customer acquisition strategies, retention efforts, and overall business planning by providing insights into long-term customer profitability.
Benchmark Testing
The process of comparing design metrics to historical performance, competitive standards, or industry best practices to identify areas for improvement. Crucial for measuring progress, improving practice maturity, and evaluating competitive differentiation.
Needs Assessment
A systematic process for determining and addressing needs or gaps between current conditions and desired outcomes. Important for identifying user requirements and guiding the development of digital products that meet those needs.
Hindsight Bias
A cognitive bias where people perceive past events as having been more predictable than they actually were. Important for understanding and mitigating biases in user feedback and decision-making.
CBR
Case-Based Reasoning (CBR) is an AI method that solves new problems based on the solutions of similar past problems. This approach is essential for developing intelligent systems that learn from past experiences to improve problem-solving capabilities.
Algorithm Design
The process of defining and creating algorithms to solve problems and perform tasks efficiently. Fundamental for software development and creating efficient solutions.
5 Whys
A problem-solving method that involves asking "why" five times to identify the root cause of a problem. Useful for designers and product managers to uncover underlying issues and improve processes and solutions.
Innovation Theory
The study of how new ideas, products, and processes are developed and brought to market. Essential for fostering creativity and ensuring the continuous improvement and relevance of products.
Function Allocation
The process of determining which tasks should be performed by humans and which by machines in a system. Essential for optimizing system efficiency and usability.
Attribution Theory
A theory that explains how individuals determine the causes of behavior and events, including the distinction between internal and external attributions. Crucial for understanding user behavior and designing experiences that address both internal and external factors.
Anchor Pricing
A pricing strategy where a high-priced option is introduced first to set a reference point, making other options seem more attractive in comparison. Important for shaping user perceptions of value and creating a benchmark for other pricing options.
Staffing Ratio
A strategy used to determine the proportion of various SMEs needed to support a pipeline of work. Important for optimizing resource allocation, enhancing efficiency, and ensuring teams have the appropriate support based on design demand and complexity.
Shift-Right Testing
A practice of performing testing activities in the production environment to monitor and validate the behavior and performance of software in real-world conditions. Crucial for ensuring the stability, reliability, and user satisfaction of digital products in a live environment.
Principles Over Processes
A design philosophy that emphasizes core design principles over rigid adherence to standardized processes. Essential for maintaining creativity and innovation in large-scale, process-driven environments.