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PMI Data Management Services |
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High quality market information is the lifeblood of competitive market pricing analysis. Bad data can beget misleading results. You can cull the weak and misleading market data from your pricing studies through upfront and comprehensive analysis of the raw data or you can let LS&A do it for you. Converting Data Into Information Through Analysis: The PMI Data Management Service converts market data into high quality information through a detailed analysis process. We add value to your market data at each stage in the process to ensure high-quality information to support better market pricing decision-making. Our process includes the following activities: | | | Data Acquisition | - Collect market data from all vendor systems and media
- Q/A job codes to manage changes from new jobs and vendor reclassifications
| | | | | Job Description Acquisition | - Collect vendor job descriptions available in electronic formats
- Reformat job descriptions where appropriate to be used seamlessly with client’s market pricing tools
| | | | | | Standardize Data Formats | - Translate individual vendor data formats and market scope definitions into a standard format for all surveys that is appropriate for client’s market pricing tools
| | | | | | Q / A Market Data | - Independent quality review of each market record to determine the following:
- Insufficient data
- Data distribution errors
- Data distribution availability
- Atypical distribution ranges
- Sample bias review
| | | | | | Stability Analysis | - Stability measures how much each unique market record has changed over the prior year
- Compute the year-over-year percentage change for each market record median and market average
| | | | | | Reliability Analysis | - Reliability groups unique market records into 4 classifications of market quality analysts can use to adjust market pricing tactics or seek more information from vendors
- Proprietary statistical analysis of the distribution shape and sample size
| | | | | | Information Delivery | - Deliver a comprehensive market data quality report for each vendor survey
- Deliver the market data specifically tailored to the client’s market data comparability requirements
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LS&A’s PMI Data Management Services are designed to ensure that analysts have the information required to assess and evaluate the market data they use for market pricing analysis to ensure that market pricing decisions are based on high-quality input information.
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