Predictive Analytics Power and Pitfalls
Blog: Decision Management Community
In the last 5 years predictive analytics demonstrated its power and experts predict that 2016 will be a year of Business Analytics. However, those who use the proper tools for years are well aware of pitfalls of these techniques. While experts usually point to the complexity of data handling, there are several other important points listed in the following sources:
- Leaks from the Future: it describes how easy it is to accept leaks from the future in your modeling results and how important to scrutinize any input variable that works too well
- Incomprehensibility of Automatically Discovered Rules: business rules discovered by a predictive analytics model better to be comprehensible by business analysts.
- The Nine Circles of Scientific Hell: the author applies the famous Dante’s 9 Circles of Hell to explain what happens to those guilty of various scientific (in particular, data mining) sins
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