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The Economics of Data, Analytics, and Digital Transformation

You're reading from   The Economics of Data, Analytics, and Digital Transformation The theorems, laws, and empowerments to guide your organization's digital transformation

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Product type Paperback
Published in Nov 2020
Publisher Packt
ISBN-13 9781800561410
Length 260 pages
Edition 1st Edition
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Author (1):
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Bill Schmarzo Bill Schmarzo
Author Profile Icon Bill Schmarzo
Bill Schmarzo
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Table of Contents (14) Chapters Close

Preface 1. The CEO Mandate: Become Value‑driven, Not Data-driven 2. Value Engineering: The Secret Sauce for Data Science Success FREE CHAPTER 3. A Review of Basic Economic Concepts 4. University of San Francisco Economic Value of Data Research Paper 5. The Economic Value of Data Theorems 6. The Economics of Artificial Intelligence 7. The Schmarzo Economic Digital Asset Valuation Theorem 8. The 8 Laws of Digital Transformation 9. Creating a Culture of Innovation Through Empowerment 10. Other Books You May Enjoy
11. Index
Appendix A: My Most Popular Economics of Data, Analytics, and Digital Transformation Infographics
1. Appendix B: The Economics of Data, Analytics, and Digital Transformation Cheat Sheet

Chapter 3: A Review of Basic Economic Concepts

  • Economics is a branch of knowledge concerned with the production, consumption, and transfer of wealth; economics is about the creation of value.
  • The Economic Value Curve is a measure of the relationship between a dependent variable and independent variables to achieve a particular business or operational outcome.
  • Analytic Modules are composable, reusable, continuously learning analytic assets that deliver predefined business or operational outcomes.
  • The Law of Diminishing Returns is a measure of the decrease in the marginal output of production as the amount of a single factor of production (input) is incrementally increased.
  • The Economic Multiplier Effect refers to the increase in final income arising from any new injection of spending.
  • Marginal Propensity to Consume (MPC) measures the impact of a change in output (production) as a ratio to the change in input (investment).
  • Utility refers to...
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