Discuss: Data Driven Decisions Remove the Human Factor

The motion for discussion is...
"Data driven decisions remove the human factor! discuss"

Goal
To critically assess the claims surrounding rational and intuitive decision making.

Instructions
Two groups (red-against, blue-for) will present an analysis and then debate the merits of their different positions, involving the whole class in the closing stages.
The readings given for initial investigation are listed below. We strongly encourage the use of additional secondary sources and providing examples as evidence supporting arguments.

Readings
LOVEMAN, G. (2003) Diamonds in the Data Mine. Harvard Business Review, 81, 109-113.
BONABEAU, E. (2003) Don't Trust Your Gut. Harvard Business Review, 81, 116-123.

In projects: Fail early, fail often.

The point with fail early and fail often is that it is a total radical upending of the way we generally think about working on projects, particularly projects where the goal we want to achieve has never been done (at least not in our knowledge).

Asa Raskin illustrates this idea with a story about Paul MacCready (designer of the Gossamer Condor) who put it this way “The problem is we don’t understand the problem.” In which case the best strategy is to learn quickly, to discover what the problem is. Often the goal itself seems to suggest solutions, perhaps obvious, but that these may be diversions to a more creative and ultimately successful resolution.

http://www.azarask.in/blog/post/the-wrong-problem/

Trading robots (software)

HFT Algo Machines from January 2007 through January 2012.
The following chart from Nanex displays the date/year and time/value of automated trades (high frequency trading);

http://www.nanex.net/aqck/2804.HTML

Exercise: Analysing data

Review the following data (link to Google docs)

What is the average transaction value based on this data?

This set of transactions is incomplete, estimate how many transactions in total occurred over the period? Assume transactions (see receipt number) are numbered consecutively when produced.

Provide an estimate the total sales value over the period.

Provide an estimate of one week's revenue based on a 5 day week.

Exercise: What is data, what is information?

Goal
Build up an understanding of the difference between data and information.

Instructions
1. Ask members of the class to define information and identify examples. (1 minutes)
2. Write down and display this list of definitions and examples.

Definitions
Something told
Items of knowledge
A thing known
...
...

Examples
News
A point on a scale
...
...
...

Comments:
There are no wrong answers, just build up a list, tabulate and provide back to the class.
What is data?
What is the relationship between data and information?
Consider difference between technical definitions and non-technical.

Date and time values in Excel (and Access etc)

Date/time values are stored internally in Excel as a real number where the apparent integer part and the mantissa part are interpreted as simple counts or fractions respectively.

• The data component is represented internally in Excel as the 'number of days elapsed since 12/30/1899.
• The time component is represented internally in Excel as the fraction of 24 hours.

Consider the following example:
Create your own test by entering January 26, 2011 9:00 PM the date into an Excel cell, e.g.

26/01/2001 21:00

Excel's auto format will usually recognise it as a date and record it (internally) as a date time.
Now change the cell format to General. You should see the following displayed.

36917.875

Date component	separator	Time component
36917	.	875

---

The mantissa part (the 'fraction part', everything after the decimal point or separator, also called a 'significand') is a decimal fraction of 24 hours.

The integer part is (the whole number in front of the decimal point or separator) is simply the number of whole days.

Question: does the actual internal representation in Excel map to a double precision floating point number or two integers?

Discuss: Formal Project Management Contributes to Project Failure

The motion for discussion is...
"Formal project management contributes to project failure! discuss"

Goal
To critically assess the claims surrounding the need, specification, assumptions and efficacy of the 'project management' approach.

Instructions
Two groups (red-against, blue-for) will present an analysis and then debate the merits of their different positions, involving the whole class in the closing stages.
The readings given for initial investigation are listed below. We strongly encourage the use of additional secondary sources and providing examples as evidence supporting arguments.

Readings
THE STANDISH GROUP (1999) CHAOS: A Recipe for Success.
FELD, C. S. & STODDARD, D. B. (2004) Getting IT Right. Harvard Business Review, 82, 72-79.