Last week, while working on customer engagement, I learned a new method of quantifying behavior of time-series data. The method is called “Control Chart” and credit to Josh Wills, our director of data science, for pointing it out. I thought I’ll share it with my readers as its easy to understand, easy to implement, flexible and very useful in many situations.
The problem is ages old – you collect measurements over time and want to know when your measurements indicate abnormal behavior. “Abnormal” is not well defined, and thats on purpose – we want our method to be flexible enough to match what you define as an issue.
For example, lets say Facebook are interested in tracking usage trend for each user, catching those with decreasing use
There are few steps to the Control Chart method: