"The only useful function for a statistician is to make predictions, and thus provide a basis for action." W. Edwards Deming Myth #4: Prediction is Not Part of Statistics This blog discusses the ambition of rebranding predictive modeling as predictive analytics; and why this will enlarge the coming flood of statistical malfeasance. The prediction problem involves … [Read more...] about Why Prediction Is / Is Not Part of Statistics
big data strategy
Data Analytics and Sentiment Mining
Today Business Intelligence plays an essential role in understanding the target market and the positioning of the products, services and the competition in this market place. Thanks to the latest advances in technology, companies have access to an increasing quantity of data, most of which are unstructured, which means that data analysis methods are required. Moreover, applying … [Read more...] about Data Analytics and Sentiment Mining
The Last Mile of Analytics: Best of Times or Worst of Times?
Remember the opening sentence of The Tale of Two Cities by Charles Dickens? It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything … [Read more...] about The Last Mile of Analytics: Best of Times or Worst of Times?
Are Data Mining and Machine Learning Distinct from Statistics?
"I almost feel that folks in data science [excluding statisticians] are suddenly realizing that this kind of work is not new and are desperately looking for ways to justify a distinction." Thomas Speidel [Machine Learning is simply a] loose confederation of themes in statistical inference (and decision-making) Michael Jordan "Without a grounding in statistics, a Data … [Read more...] about Are Data Mining and Machine Learning Distinct from Statistics?
Big Data vs. Bad Data; a $ 3 Trillion Opportunity
This is the elephant in the Big Data room. How much Bad Data is out there? Wait a minute, I hear you say, do you mean to say that not all of this data is accurate? What is the point of salivating over terabytes of Big Data if we dont understand which bits are inaccurate, duplicated, incorrect or incomplete? That is the right question to be asking. The consequences of cyber … [Read more...] about Big Data vs. Bad Data; a $ 3 Trillion Opportunity
