Archive | Best practices RSS feed for this archive

Analytics and Belief: The Struggle for Truth

September 8, 2013

1 Comment

Increasingly sophisticated analytics tools and methods are available to derive business insight from data.  However, as a discipline which drives insight from data, the crucial ‘last step’ in the analytics process is about organizational decision making.  A sophisticated, intensive analysis may all be for naught if the crucial last step, framing and committing to a decision, misses the […]

Continue reading...

Data science as an experimental process: unsupervised and supervised learning

August 17, 2013

2 Comments

Data Science

As a companion to my recent post “Correlation versus Causation: The Science, Art, and Magic of Experimental Design”, I wanted to offer a more technical exposition concerning data science approaches to focused causal model development. A fundamental question faced by business analytics professionals and data scientists is whether they have a working correlative and causal […]

Continue reading...

Correlation versus Causation: The Science, Art, and Magic of Experimental Design

August 17, 2013

3 Comments

Venus

Recently I was chastised for being ‘unnecessarily obscure’ for reacting to a specious conclusion by suggesting that it risked ‘conflating correlation with causation’. Guilty as charged!  I apologize:  the expression is quite a mouthful and requires unraveling for those unfamiliar with the nuances of the applied experimental method.  However, I feel passionately that this concept […]

Continue reading...

Business Analytics Model Risk Working Group

June 19, 2013

1 Comment

BAMRWG

  This is a review committee working group for practitioners and academics to establish a formal definition and set of classification criteria regarding business analytics model risk. This group has been established based upon interest and feedback concerning a recent set of posts regarding business analytics model risk: http://tinyurl.com/ktabt3q For those interested, you can join the […]

Continue reading...

Adopting Analytics Culture: 6. What information is gained from social network analysis? (6 of 7)

June 17, 2013

7 Comments

social network

PART 6 OF 7 IN A SERIES ON ADOPTING ANALYTICS CULTURE LINK TO HEADER ARTICLE LINK TO PREVIOUS ARTICLE (5 of 7) 6.    What particular information is gained from social network analysis and how is it interpreted? To recap, we have established that adopting analytics culture requires organizational change management.  Beyond analytics technology and expertise, […]

Continue reading...

Business analytics model risk (part 0 of 5): framing model risk – the complexity genie and the challenge of deciding on decision models

June 13, 2013

5 Comments

Model Risk

Business analytics model risk (part 0 of 5): framing model risk – the complexity genie and the challenge of deciding on decision models Introduction to a series of five articles on model risk Here we introduce a series of five articles seeking to frame, define, and categorize business analytics model risk.  The intention is to […]

Continue reading...

Adopting Analytics Culture: 5. How can change management be improved via analytics? (5 of 7)

June 12, 2013

3 Comments

Organizational network

PART 5 OF 7 IN A SERIES ON ADOPTING ANALYTICS CULTURE LINK TO HEADER ARTICLE LINK TO PREVIOUS ARTICLE (4 of 7) 5.    How can change management be improved via analytics? We have built-up the case for using organizational change management to adopt analytics culture.  By analytics culture, we mean the set of both formal […]

Continue reading...

Adopting Analytics Culture: 4. Why is the change management track record so poor? (4 of 7)

June 11, 2013

4 Comments

downsize

PART 4 OF 7 IN A SERIES ON ADOPTING ANALYTICS CULTURE LINK TO HEADER ARTICLE LINK TO PREVIOUS IN SERIES (3 of 7) 4.  Why is the change management track record so poor? Why are the results of change management initiatives so unpredictable and the outcomes so uncertain?  Earlier in this series, it was proposed […]

Continue reading...

Business analytics model risk (part 4 of 5): categorizing model risk

June 5, 2013

3 Comments

model risk

Business analytics model risk (part 4 of 5):  categorizing model risk Following from article 3 of 5 on Business Analytics Model Risk Link to introductory header article (0 of 5) Model risk cannot easily be spoken of as a singular entity.  The topic is complicated in that there are multiple ways of categorizing model risk.  As […]

Continue reading...

Business analytics model risk (part 3 of 5): model scoping and complexity

June 5, 2013

3 Comments

complexity

Business analytics model risk (part 3 of 5):  model scoping and complexity Following from article 2 of 5 on Business Analytics Model Risk Link to introductory header article (0 of 5) In a the first article in this set on business analytics model validation (https://sctr7.com/2013/03/14/model-risk-when-is-a-business-analytics-model-validated/), it was proposed, in summary, that: 1) business decision models are […]

Continue reading...