Business Part 5 Flashcards
(15 cards)
What is business strategy?
A long-term plan for achieving goals and competitive advantage.
What is a North Star metric?
A single key metric that best captures the core value a product delivers.
What is strategic alignment?
Ensuring data work supports the broader business goals.
What is OKR?
Objectives and Key Results — a goal-setting framework.
What is the difference between lagging and leading indicators?
Lagging indicators reflect outcomes; leading indicators predict them.
What is metric synthesis?
Combining multiple metrics to understand performance holistically.
What is a balanced scorecard?
A framework that evaluates performance using multiple dimensions (e.g., finance, customer, process).
What is a KPI dashboard?
A real-time visual display of key performance indicators.
What makes a KPI ‘actionable’?
It’s clearly tied to decision-making and can be influenced by behavior.
What is metric dilution?
When too many metrics distract from what’s truly important.
What is the role of data in executive decisions?
To support strategic decisions with evidence and confidence.
What is top-down decision-making?
When executives set direction and analysis follows strategic goals.
What is bottom-up decision-making?
Insights from data lead to new questions or strategic direction.
What is a data-driven culture?
An environment where decisions are consistently based on trusted data.
What is the role of a data scientist in decision-making?
To translate data into clear, credible insights that inform action.
