Predictive Analytics Times
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It is a Mistake to…. Ask the Wrong Question

 (Part 4 (of 11) of the Top 10 Data Mining Mistakes, drawn from the Handbook of Statistical Analysis and Data Mining Applications) It is very important to have the right project goal; that is, to aim at the right target. This was exemplified (in a positive way) by a project at Shannon Labs, led by

What Role can Network Analysis play in Business Intelligence?

 Network analysis is an emerging Business Intelligence technique that’s increasingly used in risk management, social network analytics, banking, telecommunication analytics, bioinformatics, criminal intelligence, and human resources planning. Sometimes the term Network Analysis (or Network Analytics) is mixed...

The Data Behind Data Scientists: Top Kaggle Performers

 Kaggle, an online platform that hosts data analytics competitions, allows companies to tap into the expertise of data gurus to tackle specific company issues (and possibly reap prizes and job offers, if successful). With more than 100,000...

It’s Predictive Analytics, not Forecasting!

 This is my final article for this year. It’s hard to imagine that it’s almost 2014, and yet I can’t tell you how many times I’ve found myself in the following situation: I meet someone at a...

A Good Business Objective Beats a Good Algorithm

 Predictive Modeling competitions, once the arena for a few data mining conferences, has now become big business. Kaggle (kaggle.com) is perhaps the most well-known forum for modeling competitions, using a crowd-sourcing mentality: if more people try to...

Retail Predictive Analytics for Price Optimization & Markdown Management

 There is no doubt that price is one of the biggest factors affecting gross margin, sales volumes and overall customer service level in any retail organization. A small adjustment in price can significantly alter consumer demand, profit,...

It is a Mistake to…. Rely on One Technique

 (Part 3 of 11 of the Top 10 Data Mining Mistakes, drawn from the Handbook of Statistical Analysis and Data Mining Applications) -John Elder (elder@datamininglab.com) “To a little boy with a hammer, all the world’s a nail.”...

The Musings of a (Young) Data Scientist

I quit my job as a Mathematical Statistician after one year and two days. I left behind great benefits, job security, and guaranteed raises entirely because I felt unfulfilled. I was bored, lacked a sense of a...

Big Data Continued…

Big Data is not a singular concept but rather a label for a range of data issues. A few months ago I wrote an article about the Volume, Velocity, and Variety (and other “V’s”) of big...

How to Calculate the Optimal Safety Stock using Retail Predictive Analytics.

In a perfect world, a retailer knows exactly how much demand they can expect, they order just enough inventory from their vendors and suppliers to completely sell it throughout their stores by the end of the given...

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