Why AIData Science Projects Fail by Joyce Weiner

Author:Joyce Weiner [Weiner, Joyce]
Language: eng
Format: epub
Publisher: Morgan & Claypool Publishers
Published: 2021-02-15T00:00:00+00:00

5.1 DATA ANALYSIS PROJECTS

Productivity and time to decision are similar metrics, but slightly different. Productivity measures how much effort is required to determine root cause or identify problems. If your project makes this easier, you can measure the impact by assessing the productivity improvement and looking at the value of other work people can now do since they have time freed up from the results of your project. Time to decision is a measure of how long it takes to gather the information needed to make a decision.

Here’s how a time to decision calculation works. Say it used to take someone two hours to pull together the information required when a particular decision needed to be made. This information needed to be presented to a meeting and the decision was made in that meeting. Say you were able to create a script to extract the data needed and build a visual like a graph rather than a table of numbers, which let the meeting attendees clearly see the information they needed to support the decision. It could be possible that you were able to reduce the time needed from 2 hours plus the time in the meeting (let’s say it would take 20 minutes in the meeting) to 10 minutes total. That’s an improvement in time to decision of 93%. Now, to convert to dollars, we take the average salary of the participants—the person who usually collected the information and the people making the decision and multiply that by the hours saved. I’m using example values here, so for ease let’s say the average salary is $100,000 annually. That works out to $50 per hour. The hours saved is 2 + 0.3333 = 2.3333 - 0.1666 hours = 2.1667 hours saved. Since in this case, only one person did the work to gather the data, we multiply by one. You save that amount every time this decision needs to be made, so if this is a decision that is made quarterly, the project delivers $433.34 annually (Table 5.2). That’s just from saving two hours of time for one person. If there is more than one person doing the task and the task is performed daily, the numbers can really add up.

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