statisics for hackers
DESCRIPTION
A 80/20 approach to getting maximal insight in the shortest time and for the least fuss from your data (and a tour of corresponding pitfalls).TRANSCRIPT
Metrics to Help You Make Wise Decisions About Your Start-Up
• Customer Acquisition Cost (CAC) • Activation • Retention - Churn (attrition) • Life Time Value (LTV) • Conversions • Revenue MRR • Referral
Good metrics Are Actionable ] optimize
Can be Audted
Are Accessible ]! understand!
An actionable metric is one that ties!specific and repeatable actions !
to observed results.!—Ash Maurya!
Metrics vs. KPIs
Composite ↳ ratios ↳ comparable
!
!
Linked to product & story ↳ explainable ↳ indirect
What you actually measure
33
Anscombe's quartet!
!
• same mean!• same variance!• same correlation!• same linear regression line!
Sample size
• Significance!
• http://www.surveysystem.com/sscalc.htm!
• http://getdatadriven.com/ab-significance-test!
• 10 x 100 > 1000
Takeouts• More data > better model.
• You can get away with very little statistics if you are diligent with your visualizations.
• Metrics have to hurt (and be actionable).
• Time dynamics greatly enrich your data's explanatory power.
• Beware: humans are pattern matching machines and sometimes we see patterns where there are none.
• Beware: your metrics capture external relations.