5. Retained? Metric Creation and Interpretation
In the last chapter, we discussed some basics of statistical distributions. We’ll build on those concepts in this chapter, describing more tools to improve and better understand our metrics.
It’s vital for every analyst, data scientist, or business executive interested in working in analytics to effectively use metrics and key performance indicators (KPIs)—that is, measures of core business quantities like revenue. Without metrics, we cannot measure what is happening to our product. It’s like baking a cake with no kitchen utensils other than the pan. While possible to bake without kitchen utensils, it’ll lead to suboptimal results because we can’t measure any of the ingredients or mix them outside ...
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