DMAIC’s importance in data projects
DMAIC’s importance in data projects - Hacking Analytics - Medium
DMAIC one of the core tools used within Six Sigma methodology has direct application to data projects.DMAIC is an acronym for Define, Measure, analyze, improve and control. It refers to a self improvement cycle that enables to leverage data to generate incremental process improvements.Define“person raising left hand” by julio casado on UnsplashThe definition step in data project is the most important one in order to define the scope of the opportunity and the relevant metrics that we wish to impact.It represents an area where data or quantitative product managers can lead the way, defining what are the metrics that we want to impact and the metrics we care about not impacting negatively. It is important to make explicit which tradeoff we are willing to make. For instance, in an e-commerce setup trying to increase our overall conversion rate might decrease average order value (AOV). Up to what level are we willing to sacrifice AOV for a higher conversion rate? These are questions that are usually best answered when thought up upfront as they make it more explicit what a true opportunity represent.