2. NEED FOR DATA DRIVEN DECISION MAKING

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  💁KEY POINTS : 
  1.   Objectivity: Data provides concrete evidence, free from personal bias, to support decision-making.
  2.   Accuracy: Data analysis allows for informed predictions and reduces the risk of errors caused by relying solely on intuition.
  3. Efficiency: Data helps identify areas for resource optimization, leading to better allocation and improved outcomes.
  4. Competitive Advantage: Businesses that leverage data gain deeper customer and market insights, enabling them to tailor products and strategies for a competitive edge.
  5. Continuous Improvement: Data analysis facilitates a cycle of improvement by identifying areas for change based on past performance.

By effectively utilizing data in decision-making processes, organizations and individuals can achieve greater accuracy, efficiency, and ultimately, success.


Why using data is better than guessing:
  • Imagine this: You're making a lemonade stand. Should you use sugar or artificial sweeteners?
  • Guessing: You might pick based on what you like, but that might not be what customers want.
  • Data-driven decision: You ask people walking by which they prefer. This is data (information from people) that helps you decide!

Data helps you make better choices because:

  • It's like having a superpower: Data shows you what actually works, not just what you think might work.
  • No more flying blind: Data helps you see what's happening, like how many people buy lemonade with sugar.
  • Better decisions, better results: With data, you can make the lemonade stand (or any decision) a success!

Real-life examples:

  • Video games: Game companies use data to see which levels are too hard and make them easier.
  • Your favorite shows: Streaming services use data to see what shows people watch and make more like them.

Basically, data is like a friend giving you a good tip. It helps you make the best choices!









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