For those of us who can’t see into the future – so seven billion of us or so – making predictions has traditionally relied upon experience, judgement and instinct. Humans are geared up to do a lot of things adequately, constantly processing information to make day-to-day decisions like managing finances, interacting with other's and navigating the complexities of modern life. Of course, we often fail at tasks like these on a regular basis. Some tasks are beyond the capabilities of even the brightest individual. Highly specialised tasks, like crunching data, are best left to systems that are specifically designed for that purpose.
Topics: Predictive Analytics
Some words and phrases at work make people’s eyes glaze over. “Presentation,” for example, and “expenses form,” amongst other things!
“Analytics” is in danger of becoming one of those phrases. When it comes to predictive analytics, perhaps calling it “magic fairy dust” would attract more interest in the field. But then, no-one wants branding advice from a statistician.