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My Digital FootPrint

providing insight, strategy and leadership on and about digital and data

descriptive analytics, predictive analytics and prescriptive analytics - comparing

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October 05, 2012

Source : http://smartdatacollective.com/rautsan/74631/so-what-prescriptive-analytics?

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This is my own thinking and writing. You are free to share and copy with attribution

: London, United Kingdom

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Can models help us navigate uncertainty?

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Probably not but at there end there are 10 ways to prevent assumptions becoming culture Post the 2008 global financial crisis, the president of the European Central Bank, Jean-Claude Trichet, said in an opening address at the ECB Central Banking Conference Frankfurt, 18 November 2010, “ As a policymaker during the crisis, I found the available models of limited help. In fact, I would go further: In the face of the crisis, we felt abandoned by conventional tools .” The Gap Many in executive and leadership positions have faced for a while a feeling that our models, simulations and computations are ill-suited to addressing big, messy, complicated real-world problems. There is a gap between the reality we read and measure today and the model that predicted today a short period ago. Since we have yet to create new models and continue to utilise the same ideals, we know there is a gap between prediction and reality, and that gap is leading to poor decisions, which make us see a bigger g

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