From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
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EXA best practices
From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
EXA best practices
- [Instructor] What are the best practices for experimental analytics? Experiments in the field cost a lot of money. They may impact customer opinions and satisfaction levels if the experiment turns bad. Please plan carefully. Keep the sample sizes low so it keeps costs down. At the same time, keep the size high to get meaningful results and a wide noise. A balanced size is required to satisfy both leads. Keep track of all the influencing variables during the experiment, like economic conditions, holiday seasons, et cetera, and analyze whether any changes in these conditions will actually affect the experiment. Iterate and perform the experiment multiple times with different subsets of targets and different values for variables. But, keep an eye on costs. Take negative results back to the drawing board to see what went wrong and fix and fine tune the process to avoid them in the future.
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