Thursday, January 31, 2013

Big Data Means Big Testing

According to Scott Brinker in Search Engine Land (2013, January 30):
Big data is opening the door to the executive suite for a more hybrid analytical-creative method. The questions big data raises... have an answer.... The answer is big testing.... Big testing is about making a big deal about testing from the top down, fostering a culture of experimentation.... This last point will probably be the most challenging, as culture is not something that changes quickly. Executives need to make a conscious effort to encourage real testing — starting with the acknowledgement that good experiments prove or disprove hypotheses.... Big data is like fuel. Big testing will be the engine that turns it into forward momentum.
Read More

The emergence of "big data" elevates and expands the role of advanced analytics, including hypothesis testing. Information age decision-makers are increasingly beholden to the business intelligence that big data stores can yield, which means acknowledging and fostering an interdisciplinary approach between information technology, advanced analytics, and business processes as synergistic drivers for improved enterprise decision-making in the 21st century. Big data means big testing!

Source: Brinker, S (2013, January 30), Why Big Testing Will Be Bigger Than Big Data, Search Engine Land.

Related Posts

Tuesday, January 22, 2013

Advocacy for Probabilistic (Stochastic) Reasoning Reaches Crescendo

Advocacy for probabilistic (stochastic) thinking by top tier management consulting firms is reaching a crescendo. The video below from PwC is an example.

Probabilistic reasoning (e.g., "corridor budgeting") is the future of enterprise risk modeling and analysis. Follow my related posts below for more.

Related Posts

Growth of Students versus Administrative Staffing in Public Schools 1950-2009

Prof Mark A Perry (2013, January 21) makes a good point about the "bloat" of administrative staffing in America's public schools. The chart below shows that administrative staffing has outpaced student growth by a ratio of 7:1.

Read More

At best, one is left pondering the extent to which government regulations have contributed to this imbalance. At worst, one has to ask just what the driving focus and priority is at public schools: education or administration.

Source: Perry, M J (2013, January 21), Chart of the Day: Administrative Bloat in US Public Schools, AEIdeas.

Related Posts

Thursday, January 17, 2013

Good Data Does Not Guarantee Good Decisions

According to Shvetank Shah, Andrew Horne, and Jaime Capellá in Harvard Business Review (2012):
Analytic skills are concentrated in too few employees. When a new form of analytics enters the workplace, companies typically start by hiring experts versed in using it, reasoning that the skills will trickle down to all. But too many companies are stuck in the “expert” phase. They have a handful of highly skilled analytics professionals but have not begun to train everyone else to make use of their analytics methodology.
Read More

Let's face it, the world needs more fully qualified data analysts in all fields. Those entering college should not hesitate to undertake degrees in business-related analytical disciplines, including actuarial science, finance, accounting, statistics, and risk analysis. Go for it!

Source: Shah, S; Horne, A; & Capellá, J (2012, April), Good Data Won't Guarantee Good Decisions, Harvard Business Review.

Related Posts

Wednesday, January 16, 2013

Feed the Senses...

There's a lesson for humans in this video...

Related Posts

More of Roberta Mancino

Follow the link below to learn more about Roberta Mancino's inspiring career and sports activities around the world.

Related Posts

Sunday, January 13, 2013

US Employment to Population Ratio Remains Flat

According to the Bureau of Labor Statistics (BLS), the US employment to population ratio* for December 2012 stood at 58.5%, down from 58.8% the previous month of November, and unchanged from a year ago. The US employment to population ratio has been trending downwards since 2000.

Many economists believe that reporting the number employed as a percentage of the civilian population provides a more accurate description of the current state of employment than conjecturing the number of "unemployed" in a population. The US employment to population ratio reached an historical peak of 64.4% on an annual basis in 2000.

*The BLS defines employment and population (civilian noninstitutional) as follows:
Employment consists of all persons who, during the reference week (the calendar week including the twelfth day of the month), (a) did any work at all (at least 1 hour) as paid employees, worked in their own business or profession or on their own farm, or worked 15 hours or more as unpaid workers in an enterprise operated by a member of the family, or (b) were not working but had jobs or businesses from which they were temporarily absent because of vacation, illness, bad weather, childcare problems, maternity or paternity leave, labor-management dispute, job training, or other family or personal reasons, whether or not they were paid for the time off or were seeking other jobs.... The civilian noninstitutional population consists of persons 16 years of age and older residing in the 50 States and the District of Columbia who are not inmates of institutions (for example, penal and mental facilities and homes for the aged) and who are not on active duty in the Armed Forces.
Source: Bureau of Labor Statistics

Related Posts

Friday, January 11, 2013

Well Said...

"The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness."

~ John Kenneth Galbraith

Hon John Kenneth Galbraith (1908-2006)

Related Posts

Thursday, January 03, 2013

Well Said...

"Don't tell me what you value, show me your budget, and I'll tell you what you value."

― Joseph "Joe" Biden

Hon Joseph Robinette "Joe" Biden Jr (1942- )

Related Posts

Wednesday, January 02, 2013

Well Said...

"Negotiations are a euphemism for capitulation if the shadow of power is not cast across the bargaining table."

~ George P Schultz

Hon George Pratt Schultz (1920- )

Related Posts

Tuesday, January 01, 2013

New York City Public School Graduation Rates

According to Catherine Mulbrandon of Visualizing Economics (2012), only 71% of the students who begin the 9th grade in New York City public schools will eventually graduate from high school within six years.

Something is very wrong in the New York public school system...

Source: Mulbrandon, C (2012, December 31), New York City Graduation Rates, Visualizing Economics.

Related Posts

Happy New Year 2013

To my readers, colleagues, and friends around the world, please accept my warm regards and very best wishes for a happy and prosperous new year in 2013.

Related Posts