Sports Economics

Economics is about making choices to allocate scarce resources in the most efficient way.

Efficiency = The ability to avoid wasting materials, energy, time, money, efforts and other resources in producing something or doing a task.

  1. How are sports analytics being used to influence the way teams are being made?
  2. How is the game evolving?
  3. How are analytics and economics used when negotiating player salaries?

Answers:

  1. Through a collection and analysis of data, sports analytics provide expert advice to the coaches about which player to choose. They do this through looking into the videos. With the help of statistics they
    provide a competitive advantage to a team or individual. Now, they just don’t track data on papers and gain actionable insights but they use more technical things like cameras. For example: SportVU is a camera system hung from the rafters of dugouts or any place which can leverage a camera and that has the whole view of the play area. The camera tracks every movement of the ball and the position of the players throughout the game in real time. Analytics companies provide statistics based on the recorded data. By using player tracking, analytics companies can provide performance metrics about players. So, the sports analytics influence the way teams are being made by doing all these analysis.
  2. Example: In Moto GP, Ducati used specialized data visualization tools, bike trackers and 100 IoT sensors to gather data. Specialized data visualization tools designed to view this particular data gave the engineers new ways to optimize the bike configurations and achieve faster lap times. It helped bikers in winning the race because Ducati collected the data and after that he analysed it. So, the analyses helps teams as well as players in wining sports competitions by acting as tools to improve their game.
  3. Sports analytics choose players based on the data they collect and based on the data, they decide the ranking and salary of each player. A player with better analytics data will be paid better.
  • how has data analytics impacted the sport of basketball?
  • Come up with potential 3 rule changes and predict how they would impact the game?

Answers:

  1. It tells them how many points they get per possession and how do they get extra possession. They put a data tracking system on players and it tells them that which shot provides the best dunk.
  2. a)You have to shoot the ball within 18 seconds instead of 24 seconds. b)You can now take 5 steps instead of 3 before being called for travelling. c)No more foul shots, you will only be given possession after foul is called.