Information is now everywhere. If you work for a large company or a publisher, someone is going to come to you with analytics, and you need to be able to understand them in order make proper use of them. As a student or indie developer, you're not excluded: you'll see reports online, in industry news, and you'll get feedback from your fans and your playtests.
Understanding the basic framework of analytics will help you determine, for yourself, what the value of this information really is and how it can be used improve your design process.
Epic Games' Jim Brown explained exactly how to use analytics to inform game design at GDC Europe in June. Brown's presentation is viewable above, as well as at the official GDC Vault
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