Assignment
You have a friend who owns JamEvents in Jamaica. JamEvents is a company in the business of entertainment and more specifically the hosting of events and the sales of tickets to patrons for these events. Although, for many years, they have been the leader in the entertainment industry locally they recognise that they have to be more responsive to their customer needs given the increasing number of players in the market. This competitive environment has been made worse since the pandemic given the restrictions on the types of events that can be promoted. They recognise that the barriers to entry are low and it is easy to imitate the product and therefore they know they need to think about differentiating themselves in other ways if they are to survive. One consideration is to expand to other countries and regions where the pandemic restrictions have started to be loosened in terms of the hosting of public events.
They have heard you talking about the importance of the organization's data and the opportunity for organisations to gain a competitive advantage through their data. More specifically they have been hearing you boasting about how powerful Business Analytics is and how much you have learned about it over the last few months. Therefore they ask for your advice and recommendations on the specific issues below:
1. Would you advise them to adopt analytics? Justify your response.
2. Assuming they adopt analytics, identify one business question that JamEvents could answer through analytics. Which analytics technique would you recommend for this? Justify your choice.
3. What group of techniques does the technique you recommended in part (2) fall under? Justify your choice.
4. The CEO has been told about the benefits of using the CRISP-DM for applying analytics. Why is this thought to be useful? Additionally, after looking at it he determines that the modelling stage is going to be the most difficult stage for him and will take a great deal of time. Do you agree that this stage is the most time consuming? How would you advise him?
5. The CEO insists that he does not need any Data Governance framework in place as he feels that is for large organisations with hundreds of employees. Discuss the importance of Governance and why it is important regardless of the size of the organization.