What is the theory behind Data Project ROI?
A data project’s Return on Investment (ROI) quantifies the financial return compared to the project’s cost. Calculating ROI for data projects can be complex and varies significantly across different initiatives and industries. However, the essence of measuring ROI in this context involves assessing both tangible and intangible benefits against the investment made. Here’s a breakdown of how ROI for a data project can be approached: 1. Cost of the Data Project This includes all expenses related to the project, such as: 2. Benefits of the Data Project Benefits can be direct (tangible) and indirect (intangible), such as: 3. Calculating ROI […]
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