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Prescriptive Analytics and Social Network Marketing

Sean Salleh 04 Jul 2013 Modeling methods

Are prescriptive analytics ‘the Final Frontier’ of analytics? This apparently is how market research firm Gartner sees this area, melding this third phase of business analytics with images of Star Trek. Prescriptive analytics are now increasingly presented as the...

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Green Decision Analysis and the Long Tailpipe

Sean Salleh 03 Jul 2013 Energy and environment

Going green is held to be ecologically sound and financially advantageous; and in many cases, it is. In many cases however, it’s also a decision involving a number of different criteria. Building more environmentally friendly buildings, using greener modes...

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How a Good Influence Diagram Might Have Saved a Company

Sean Salleh 02 Jul 2013 Risk and uncertainty

Sometimes it’s one big thing that sinks a company. Gerald Ratner, former chief executive of the British Ratners Group, a leading jewelry company, came close. With one speech, in which he referred to his company’s products as trash ...

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Business Impact Analysis for Business Continuity for IT Systems

Sean Salleh 01 Jul 2013 Risk and uncertainty

It’s a tough job, but somebody has to do it. Understanding the business consequences of IT failure (or, let’s be positive, IT success) on business is essential in order to plan for uninterrupted business activity. A business impact...

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Estimating Risk: the importance of Scenario Analysis

Sean Salleh 28 Jun 2013 Risk and uncertainty

Scenario analysis is all about alternative worlds and parallel universes and may include black swans, but stops short of meteor strikes. Confused? Read on and we’ll find out what’s going on together. The name itself is a good...

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Monte Carlo Simulation Tips and Tricks

Sean Salleh 27 Jun 2013 Risk and uncertainty

The use of random numbers as input is a defining feature of Monte Carlo simulations. This is what turns a deterministic model into a stochastic one, although how those random numbers are generated in the first place also affects the...

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Applying Predictive Analytics in Enterprise Decision-making

Sean Salleh 26 Jun 2013 Modeling methods

You’d be surprised at some of the uses that companies make of predictive analytics – and perhaps at the kind of companies making them. Identifying soon to be pregnant women, discovering tax evaders, predicting pharmaceutical drug success rates… it...

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Improving your Quantitative Data with Expert Elicitation

Sean Salleh 25 Jun 2013 Energy and environment

Don’t have enough hard data to make a decision? Then have people vote on it. But not just any people – get the experts to vote on the matter and do it in a way that still allows you...

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Strategic Risk Management for the Enterprise

Sean Salleh 24 Jun 2013 Risk and uncertainty

What lies behind those three words – Strategic Risk Management? It’s a question worth asking because a) SRM is a relatively new field, and b) there is still confusion between SRM and ERM (Enterprise Risk Management). RIMS (Risk and...

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The Rise of Decision Analytics

Sean Salleh 21 Jun 2013 Modeling methods

Where did decision analytics come from? And where is it headed in the future? The term decision analysis was coined by Ronald A. Howard, Professor of Management Science and Engineering at Stanford University. However, the fundamental problems that decision analytics...

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