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When taking THE ‘Market Intelligence’ course here at Goizueta, we came across a data set that contained lots of missing values. Yes, I know that most of the data sets you see out there have some missing data or the other. But when I started looking for material on how to deal with these data points (other than simply discarding them) I was frustrated not to find anything for a manager-type audience. Most of the discussion was for statisticians. So, based on what I heard in class, here is a flow diagram that should help. Note that there are some acronyms used, but you can look them up and find out what they mean. They are not difficult.

1. Various Statistical packages have automated functionality to achieve this.
2. Various options available to impute data. Use business judgement.

Optional

• Run analysis with imputed data and dropped cases
• Check for any significant difference in the models
• Provide necessary details of imputation when presenting analysis

We, as in SDA graduates at Goizueta, have studied “negotiations” and “auctions” to a certain degree. Some of us have even had advanced training in negotiations. Now Harvard professor Guhan Subramanian has come up with Negotiauctions. According to him there is a strong interplay between negotiations and auctions in real life situations. I certainly felt the truth in his statement, based on my experience in the various assignments during the course duration, and am looking forward to get my hands on the book during my MBA so that I have the time to read and ponder over his thoughts.

During my first semester here at Goizueta, I took a class on Statistics taught by Prof. Steve Stuk. Not only did I enjoy the class immensely, my interest in the subject was greatly enhanced. Prof. Stuk showed us numerous real world examples where statistical analysis is used and how it impacts our day to day lives. During the same time, my marketing teacher, Prof. Sundar Bharadwaj, referred me to a book – The Numerati by Stephen Baker – that talks about strides this new science is making in today’s context.

I recently finished reading the book and I have to say, I am greatly impressed. Stephen starts with asking everyone of us as to how much in our opinion do we leave a trail of data ‘explaining’ our tastes and behavior. Our clicks on the humble IE/Firefox/et all are getting captured and monitored by numerous numerati (number crunchers) to understand and gain information about us. He then goes on to mention how marketers are using the same data to provide us with targetted, contextual advertisement to get our business.

Then the author takes us on a journey – as a patient, blogger, lover, and even a terrorist. How the different companies and agencies are tracking information that we unconciously and willfully give to clearly identify us. Clearly many of the applications and systems designed are going to be for our own benefits. But an ethical question is also raised – Do we really want someone to process the information and join the dots to know a private ‘us’?

The digital age is changing the way businesses evaluate the needs of their customers. With the advent of Google and other data rich companies, a completely new discipline that intermixes core skills such as statistical analysis, anthropology, psychology, et cetra is taking birth. What this sector is creating and what impact will it have on our lives is the basic premise of the book. The book is organized very well and provides for an easy read.