Please enable JavaScript.
Coggle requires JavaScript to display documents.
Human Obsession with Prediction - Coggle Diagram
Human Obsession with Prediction
Predictive Model
What?
The bread-and-butter of analytics
Assumptions?
Past behaviors can predicts the future based on historical data
Effect?
Firms got better at collecting data
Spreadsheets
Data warehouses
Data centers
Good predicting need
Sound Data
Data
Raw facts
Information
Sorted
Condensed
Contextualized
Insight
Actionable information
Competitively valuable
IT unit's data job
collecting data
managing data
Sound Reasoning
Business apps transform data to information and knowledge
Non-IT managers are only sources of
Things competitively worth predicting
Models in their functional domain
What is Apps?
"models" translated into software code
How it started? (2,000 year history)
8BC
: Ancient Greeks thronged to hear predictions from the Oracle of Delphi
Since then
: Commonsense, nonsense, and wishful thinking
Prediction turned into scientific with statistics in England around 1700AD
Hyper-progress around World War II (1939-1945)
Business analytics
: Data used to predict outcomes of what firm cares about
Effects?
Lead to a flurry of innovative practices
segment markets
Tier customers on lifetime value
Forecast demand for a product anytime