2 - The Data Science Project

Question 1

Who was Kamala and what notable achievements did she have?

Answer 1

Kamala was the eldest of three children, named ‘the top entrepreneur’ and ‘the one most likely to be retired by age 40’ in high school. She was the first in her family to go to college, finishing her MD and MBA from Stanford.

Question 2

What was Kamala’s initial career plan after graduating?

Answer 2

Kamala planned to work at a med-tech start-up, expecting it to IPO in less than 5 years to help her parents retire early.

Question 3

What happened to Kamala’s med-tech start-up?

Answer 3

The start-up folded in less than a year.

Question 4

At what age did Kamala join Stardust Health Insurance and what was her position?

Answer 4

Kamala joined Stardust Health Insurance at age 28 as the director of clinical strategy and marketing.

Question 5

What was Kamala’s primary goal at Stardust Health Insurance?

Answer 5

Her goal was to increase profitability by making data-driven decisions on cost-effective drugs and procedures.

Question 6

What is a critical aspect of Kamala’s job regarding patient care?

Answer 6

Her team must consider patient demographics and medical history when evaluating treatment options.

Question 7

What does Kamala’s mantra ‘Measure twice, cut once’ signify?

Answer 7

It emphasizes the importance of careful planning and project management.

Question 8

What are the four basic phases of project management as explained by Phil?

Answer 8

• Concept
• Planning
• Implementation
• Closeout

Question 9

What is the concept phase in project management?

Answer 9

It refers to defining the project requirements and desired outcomes.

Question 10

What is the planning phase in project management?

Answer 10

It includes laying out key activities, required resources, identified risks, and risk mitigation steps.

Question 11

What is the implementation phase in project management?

Answer 11

It involves considering human resources, quality control, and risk management.

Question 12

What risks should project managers consider?

Answer 12

• Human resource risks
• Cost risks
• Schedule risks
• Performance risks
• Operational risks
• Legal risks

Question 13

What role does risk management play in project success?

Answer 13

It includes assessing potential risks and identifying mitigation strategies.

Question 14

What does the closeout phase involve?

Answer 14

It involves reviewing the project plan and agreeing that the project has been completed.

Question 15

What is the role of a project manager?

Answer 15

To keep everything on track for delivering the product at the expected level of quality, costs, and timelines.

Question 16

What is the significance of understanding job titles in a project team?

Answer 16

Job titles often do not reflect actual skills, so understanding individual contributions is essential.

Question 17

Fill in the blank: Kamala’s position at Stardust Health Insurance was as the director of _______.

Answer 17

[clinical strategy and marketing]

Question 18

True or False: Kamala’s team is responsible for making final decisions on patient treatments.

Answer 18

False. Patients still have the option to choose their treatment.

Question 19

What should a project plan design document include?

Answer 19

• Key activities
• Roles and responsibilities
• Task sequencing
• Risks
• Mitigation plans
• Final product specifications

Question 20

What does Phil emphasize in his project management approach?

Answer 20

He emphasizes risk management and documentation of the team’s activities.

Question 21

What is a common misconception about the title of data scientist?

Answer 21

The title has no clear definition in terms of scope.

Question 22

What is the primary role of a project manager from a human resources perspective?

Answer 22

To understand the exact skill sets needed for the project at each stage.

Question 23

What is the common issue with the title ‘data scientist’?

Answer 23

It has no clear definition in terms of scope and is often overused by recruiters.

Question 24

What are the main responsibilities of data engineers?

Answer 24

Designing, building, and maintaining data structures, creating data pipelines and storage solutions.

Question 25

What is the purpose of data cleaning in data preparation?

Answer 25

To correct mistakes or errors in the data before analysis.

Question 26

Fill in the blank: Data analysts are often involved in ________, also called data munging.

Answer 26

data wrangling

Question 27

What is a common data transformation technique mentioned?

Answer 27

Log transformations to map large ranges to smaller ranges.

Question 28

What tools do data analysts commonly use for reporting and visualization?

Answer 28

* Tableau * Power BI * Spreadsheets

Question 29

True or False: Data visualization specialists and data storytellers have distinct roles separate from data analysts.

Answer 29

False

Question 30

What is the focus of machine learning scientists?

Answer 30

Creating and using new technology and innovative approaches.

Question 31

What tasks do data scientists commonly perform?

Answer 31

* Feature engineering * Feature selection * Dimensionality reduction

Question 32

What role does a network analysis specialist focus on?

Answer 32

Analyzing the structure of networks to determine connections between entities.

Question 33

What is the primary function of a statistician?

Answer 33

Applying specific statistical tests or models and quantifying uncertainty.

Question 34

What framework has Stardust Health Insurance adopted for project management?

Answer 34

Objectives and Key Results (OKR) framework.

Question 35

What does the acronym SMART stand for in project management?

Answer 35

* Specific * Measurable * Assignable * Relevant * Time-related

Question 36

What should be assessed regarding data quality?

Answer 36

Accuracy, quality control measures, and recency of the data.

Question 37

What is an important consideration when prioritizing projects?

Answer 37

Feasibility regarding quality and time expectations.

Question 38

Fill in the blank: The incremental value of a new data set is critical to understand, especially in terms of ________.

Answer 38

unique fields or assets

Question 39

What is the significance of understanding project costs?

Answer 39

To determine both initial and ongoing costs associated with the project.

Question 40

What should be included in the project planning for flexibility?

Answer 40

Consideration of alternatives if the project becomes unsuccessful or costly.

Question 41

What are the two types of project risks mentioned?

Answer 41

1. Risk associated with a new data source or software 2. Personnel risk due to staff developing new skills ## Footnote Risks can arise from various sources, impacting project feasibility and success.

Question 42

What types of costs should be considered in a project?

Answer 42

1. Initial costs 2. Ongoing costs 3. Data acquisition costs 4. Human resources costs 5. Supplies and equipment expenses ## Footnote Understanding all cost aspects is crucial for accurate project budgeting.

Question 43

What is the 'buy-or-build' question in project management?

Answer 43

It refers to the decision of whether to purchase software or build in-house solutions, analyzed through cost-benefit analysis. ## Footnote This decision can significantly affect project resources and outcomes.

Question 44

What is AutoML software used for?

Answer 44

1. Data merging 2. Data cleaning 3. Model development 4. Model deployment 5. Model performance monitoring ## Footnote AutoML simplifies many data-related tasks, making them more efficient.

Question 45

What are the key dimensions for measuring success in data projects?

Answer 45

1. Schedule 2. Costs 3. Stakeholder satisfaction 4. Quality 5. Business case ## Footnote These dimensions provide a comprehensive framework for evaluating project success.

Question 46

Who are considered stakeholders in a project?

Answer 46

1. Project team 2. Project manager 3. Senior management 4. Project sponsors 5. Customers 6. External stakeholders (governments, vendors, etc.) ## Footnote Identifying stakeholders helps in understanding their expectations and measuring satisfaction.

Question 47

What does quality measurement compare in a project?

Answer 47

1. Previous performance standards 2. Expected performance 3. Business case assumptions ## Footnote Quality assessments are essential for determining project effectiveness.

Question 48

True or False: A project that meets all initial expectations can still be viewed as a failure if external conditions change.

Answer 48

True. ## Footnote Changes in project goals or standards can affect stakeholder perceptions of success.

Question 49

What are the four perspectives of the balanced scorecard approach?

Answer 49

1. Customer perspective 2. Internal perspective 3. Innovation and learning perspective 4. Financial perspective ## Footnote This approach encourages a multifaceted evaluation of project success.

Question 50

What are the phases of project management?

Answer 50

1. Concept 2. Planning 3. Implementation 4. Closeout ## Footnote These phases provide a structured approach to managing projects effectively.

Question 51

List some common technical skills associated with data scientists.

Answer 51

1. Math and Statistics 2. Data Manipulation 3. Analytics and Modeling 4. Machine Learning Methods 5. Programming (SQL, Python, etc.) 6. Data Visualization 7. Software Engineering 8. Version Control ## Footnote Technical skills are essential for data scientists to perform their roles effectively.

Question 52

What are some softer skills important for data scientists?

Answer 52

1. Intellectual Curiosity 2. Communication Skills 3. Business Acumen 4. Collaboration ## Footnote Softer skills complement technical abilities and enhance team dynamics.

Question 53

What should be assessed in a cost-benefit analysis?

Answer 53

1. Sufficient information availability 2. Missing information and its obtainability 3. Possible sensitivity analysis ## Footnote A thorough analysis ensures informed decision-making regarding project feasibility.

Question 54

What questions should be asked regarding project purpose?

Answer 54

1. Is it mission critical? 2. Previous projects in the area? 3. Benefits to customers and company? 4. Impact on sales or customer attrition? 5. Revenue increase or operating expense reduction? ## Footnote Understanding the project’s purpose helps in prioritizing initiatives.

Question 55

What are key considerations regarding data sources?

Answer 55

1. Acquisition and ongoing costs 2. Availability limitations 3. Resolution level 4. Sample size sufficiency 5. Representativeness of the data set 6. Accuracy mechanisms 7. Quality control measures 8. Data recency 9. Unique value of the database 10. Migration ease to other systems ## Footnote Thorough evaluation of data sources is critical for data quality and project success.

Question 56

What should be assessed regarding project feasibility?

Answer 56

1. Expected results delivery 2. Risks involved 3. Risk mitigation strategies 4. Required new data sources or skills ## Footnote Feasibility assessment is crucial for anticipating challenges and ensuring project viability.

Question 57

What are the five dimensions of measuring success in projects?

Answer 57

1. Schedule 2. Costs 3. Stakeholder Satisfaction 4. Quality 5. Business Case ## Footnote These dimensions help in evaluating the overall success of a project.

Question 58

What are some key project implementation questions?

Answer 58

1. Phases of the project? 2. Milestones and timelines? 3. Contingency plans? 4. Quality standards and testing? 5. Potential project issues? ## Footnote Addressing these questions ensures a smooth project execution.