Peter Fader, a quantitative marketing professor from Wharton, believes that companies are unnecessarily complicating the job of making predictions. Simple probability models, often built in excel, can be far more powerful in many cases than complex statistical algorithms. He also believes that businesses can get by with much simpler and more powerful analytics if they stop worrying about why something will happen (which is a lot harder to answer) and just focus on what is predicted to happen.

Image courtesy of Stuart Miles at FreeDigitalPhotos.net
Image courtesy of Stuart Miles at FreeDigitalPhotos.net

“What Data Mining Can and Can’t Do”

Interested in a career in Data Science?
To learn more about Jigsaw’s Data Science with SAS Course – click here.
To learn more about Jigsaw’s Data Science with R Course – click here.
To learn more about Jigsaw’s Big Data Course – click here.
SHARE
share

Are you ready to build your own career?