Dont reject ok solve it asap. LEAD.305.HSF1 Adaptive Decision Making Week 6 Forum on Experiments Having read last week's article on Online Experiments and this week's article on Smarter Business Experiments, share with the class your thoughts on how experiments help with better decisions? Initial Post should have 1 paragraph for each article. TO DO; YOU NEED TO RESPONSE TO YOUR (4) CLASSMATES POST ANSWER TO THE QUESTION ABOVE. EXAMPLE(Great add-on with the beta testing! I agree with you that experiments should not replace analytics...in fact I think we can utilize the analytics from the experience to better ourselves!) CLASSSMATE POST #1 Hi class, The article "Online Experiments" discusses the benefits of online experimentation for businesses. Online experiments allow businesses to gather data quickly and at a lower cost than traditional methods and can be used to test everything from website design to marketing strategies. The authors recommend using a scientific approach to experimentation, employing randomization and control groups, selecting meaningful metrics, and testing multiple variations to identify the most effective approach. In "Smarter Business Experiments," the authors delve deeper into the details of running successful experiments. They discuss ways to ensure the validity of the results, such as monitoring customer fatigue and avoiding interference from external factors. The authors also emphasize the importance of clearly defining the problem being addressed and selecting the appropriate experimental design for the situation. They provide a framework for planning and conducting experiments, including setting goals, identifying the key drivers of outcomes, and selecting the right metrics to measure success. Overall, the authors argue that a rigorous approach to experimentation can lead to significant improvements in business performance. Experiments help with better decision-making by providing businesses with data-driven insights that lead to more informed and accurate decisions. Well-designed experiments allow businesses to test hypotheses, compare different approaches, and evaluate the effectiveness of different interventions or strategies. By using a scientific approach to experimentation, businesses can obtain reliable and valid data, which reduces the risk of decision-making based on assumptions or faulty intuition. Moreover, experiments allow businesses to measure the impact of potential changes before making large investments or implementing new strategies on a large scale. This approach helps to minimize the risk of investing in strategies that will not work or could even harm the business. MY RESPONSE 1: CLASSMATE POST #2 I thought there were a lot of similarities between our week five The Surprising Power of Online Experiments and week six A Step by Step Guide to Smart Online Experiments, the main similarity being leveraging data for better decision making. In Kohavi and Thomke's The Surprising Power of Online Experiments the authors highlight the organizational benefits of running cheap and concurrent testing. In the "experiment with everything approach"(Kohavi & Thomke, 2017), we see that small investments to processes make large impact on businesses. The low cost of acquiring data combined with fast analysis from computers using little more than the scientific methods lets companies experiment in a way that doesn't jeopardize the organization. Kohavi and Thomke go on to admit that to stay competitive, organizations "should build an experimentation capability and master the science of conducting online tests" (Kohavi & Thomke, 2017). In A Step by Step Guide..., authors Anderson and Simester discuss the ways companies can use data collection, along with feedback mechanisms to design simple but highly effective experiments. The authors state that as managers the goal should be "to shift your organization from a culture of decision making to one of experimentation" (Anderson & Simester, 2011). The pair go on to give a comprehensive list of seven rule for running experiments and warn that, more often that not, internal obstacles will hinder experiments than external ones. The reason, they claim is that most companies limit the amount of tests and rely on out of date information, competitor's processes, and typical industry outcomes. MY RESPONSE 2: CLASSMATES POST #3 Hi Professor and Class – Online Experiments: Prior to reading the article on “Online Experiments,” I never heard of A/B tests, but I have actually had a lot of experiences conducting these tests. According to Kohavi, R., & Thomke, S. (2017), “In an A/B test the experimenter sets up two experiences: “A,” the control, is usually the current system and considered the “champion,” and “B,” the treatment, is a modification that attempts to improve something – the “challenger.”” In my experience, online experiments are a great way to test things out whether it is a process, product, procedure, etc. It is also a great way to test out new system enhancements in a “testing environment” prior to releasing to users. Being able to conduct testing can save companies thousands of dollars in the long run, and ensures customer satisfaction. Reference: Kohavi, R., & Thomke, S. (2017). The Surprising Power of Online Experiments: Getting the Most out of A/B and Other Controlled Tests. Harvard Business Review, 95(5), 74–82. Smarter Business Experiments:I found the article on “Smarter Business Experiments” to be very interesting. With data and analytics on the rise, the article talks about the benefits of business experiments and breaks it down into 7 rules for running experiments. According to Anderson, E.T., & Simester, D. (2011): 1. Focus on individuals and think short term. 2. Keep it simple. 3. Start with a proof-of-concept test. 4. When the results come in, slice the data. 5. Try out-of-the-box thinking. 6. Measure everything that matters. 7. Look for natural experiments. Reference: Anderson, E. T., & Simester, D. (2011). A Step-By-Step Guide to Smart Business Experiments. Harvard Business Review, 89(3), 98–105 MY RESPONSE 3: CLASSMATES POST #4 Good evening class, Eric Anderson & Duncan Simester’s article, A Step-by-step Guide to Smart Business Experiments, takes a dive into the importance of analytical data companies to receive from consumer-based experiments, with “The goal of learning and making better decisions ”(Anderson & Simester, 2014). I like how Anderson and Simester present the 7 rules for running experiments and how they provide these steps for conducting business experiments. I do believe the data-driven approach is beneficial and important, and it can be seen in almost all major organizations that this is the way forward for engaging their consumer bases. The A/B Tests by Ron Kohavi & Stefan Thomke were interesting, as they looked at the value of data from online experiments. By "combining the power of software with the scientific rigor of controlled experiments"(Kohavi & Thomke, 2020) , businesses can make data drive decisions that can enhance users’ experiments, lead to continuous improvements, and in some cases allow for personalization tailored toward a consumer. A/B testing can help organizations make decisions that can improve/enhance their consumer’s experiences and avoid pitfalls. In an age where we have so many businesses and transactions online, these experiments do play a big piece in decision-making for businesses. By conducting data analysis on experiments, organizations can make data-driven decisions to improve consumers’ experience, identify opportunities and mitigate risks in the ever-evolving business landscape. References: Anderson, E., & Simester, D. (2014, August 1). A step-by-step guide to smart business experiments. Harvard Business Review. https://hbr.org/2011/03/a-step-by-step-guide-to-smart-business-experiments Kohavi, R., & Thomke, S. (2020, September 16). A/B testing: How to get it right. Harvard Business Review. https://hbr.org/2017/09/the-surprising-power-of-online-experiments MY RESPONSE: