Tag Archives: behavioral economics

Why is ‘data scientist’ a contentious title?

September 30, 2015

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The Organizational Brain

In my work and university lecturing, I speak with many senior leaders, experienced professionals, young professionals, and students, many interested in either hiring, transitioning into, or becoming a ‘data scientist’.  The title, however, is quite contentious. Why is this?  Essentially, there is a great deal of confusion related to this new field, and it will take some time […]

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Manager-machine: analytics, artificial intelligence, and the uncertain future of management

October 7, 2014

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Manager-Machine

As many traditional industrial age business functions become subject to disintermediation by automation and expert analytics systems, new industries and value propositions will need to be framed by an emerging generation of leaders.

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When analytics fails: fueled by randomness

July 15, 2014

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Fueled by randomness

As an analytics professional, it may perhaps be no surprise that I believe in a world which is susceptible to analysis – a world which yields to scientific inquiry. Further, I believe that if we invest effort, if we exert what Kahneman would call our System 2, we can improve decisions and overcome our tendency […]

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Analytics and Belief: The Struggle for Truth

September 8, 2013

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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 […]

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

August 17, 2013

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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 […]

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Business Analytics Model Risk Working Group

June 19, 2013

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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 […]

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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

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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 […]

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

June 5, 2013

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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 […]

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

June 5, 2013

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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 […]

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Business analytics model risk (part 2 of 5): saving the kingdom, one nail at a time…

June 5, 2013

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For want of a nail...

Business analytics model risk (part 2 of 5):  saving the kingdom, one nail at a time… Following from article 1 of 5 on Business Analytics Model Risk Link to introductory header article (0 of 5) For want of a nail the shoe was lost, for want of a shoe the horse was lost; and for want […]

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