Tag Archives: kahneman

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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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 […]

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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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Adopting Analytics Culture: 1. Why Change Management? (1 of 7)

May 26, 2013

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Cognitive Bias

PART OF A SERIES ON ADOPTING ANALYTICS CULTURE: 1 of 7 LINK TO HEADER ARTICLE What does change management have to do with business analytics? Along with feverish interest in business analytics (BA) and ‘Big Data’ has been an interest in how organizations can adopt ‘analytics culture’ to evolve what has been called ‘analytics maturity’ […]

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60-second book review: ‘Thinking, Fast and Slow’ by D. Kahneman

May 23, 2012

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60 Second Book Review: ‘Thinking, Fast and Slow’ by D. KahnemanKahneman, D. 2011. Thinking, Fast and Slow. Farrar, Straus, Giroux. I highly recommend this book to anyone looking for a breath of fresh air and the promise of ‘a new way forward’ for business and commerce. Kahneman, a Nobel laureate in Economics, makes a clear […]

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