A framework represents a more comprehensive set of procedures that go beyond a specific method in order to address a specific problem domain. A framework lays out the rules and the procedures of conduct that guide the analyst toward his goal. A good framework will work efficiently and effectively. Most importantly, a good framework will guide people reliably to the solution of the problem regardless of who is applying it. As a result, a framework will usually compromise at a set of possible methods, procedures, designs, and streams of thoughts.
At Economalytics, you will find frameworks addressing various problems starting from fraud detection to conjoint and choice analysis. I will show you the way you can employ these frameworks and the path you can use to solve business problems without forgetting their limitations. I build Economalytics in order to give you a detailed and yet concise introduction with a concrete problem and hands-on solution implemented in Excel, R-programming or other tools.
When you go through the framework section, you will see that the information regarding a specific framework can be found in the other horizontal sections of Economalytics home page. This information is concerned with the design or the methods (qualitative, statistical, machine learning) of the framework. The reason behind this choice is simple; the methods presented work as basic building blocks for much more powerful and complex frameworks.
Furthermore, I will also regularly explain the so-called mini MBA frameworks (Net-Present-Value or BCG-Matrix) or other frameworks (the lean-startup approach) but with a special “analytics” and “economalytics” spice. By that I mean that you will be able to have greater insights and depth to the mini MBAs and other frameworks by using the basic building blocks of design and methods that I present in the horizontal sections.