Predictive Analytics
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“A good prediction is not a good decision,” Narayanan and Kapoor write.
Joshua Rothman • In the Age of A.I., What Makes People Unique?
The customer’s willingness to buy a product at a certain price (known as a price elasticity model) hasn’t changed, even though the economy has deteriorated. The customer sample on which we tested various versions of Web pages several years ago is similar in their preferences to the customers we have today. The predictive model we created on mortgag
... See moreThomas H. Davenport • Keeping Up with the Quants: Your Guide to Understanding and Using Analytics
judgmental adjustments to statistical forecasting methods resulted in forecasts that were about 15 percent more accurate. The idea that a statistical model would be able to “solve” the problem of economic forecasting was somewhat in vogue during the 1970s and 1980s when computers came into wider use. But as was the case in other fields, like earthq
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