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William Vorhies's Blog – October 2014 Archive (5)

How Many "V's" in Big Data? The Characteristics that Define Big Data

 Summary:  We’ve scoured the literature to bring you a complete listing of possible definitions of Big Data with the goal of being able to determine what’s a Big Data opportunity and what’s not.  Our conclusion is that Volume, Variety, and Velocity still make the best definitions but none of these stand on their own in identifying Big Data from not-so-big-data.  Understanding these characteristics will help you analyze whether an opportunity calls for a Big Data solution but…

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Added by William Vorhies on October 31, 2014 at 2:00pm — No Comments

Prescriptive versus Predictive Analytics - A Distinction without a Difference?

Summary:  Is the addition of “Prescriptive” analytics to our nomenclature really worthwhile or are we just confusing our customers?

I admit to being annoyed when this or that industry wag tries to coin a new term to describe some portion of the discipline we are already practicing.  Some of these folks I think are…

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Added by William Vorhies on October 23, 2014 at 10:00am — 9 Comments

Quantifying the Value of a NoSQL Project

Summary:  If you’re making the decision to use NoSQL, how do you quantify the value of the investment?

If you are exploring NoSQL, once you become educated on the basics there are two questions that will rapidly move to the top of your list of considerations.  

  • What does it…
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Added by William Vorhies on October 17, 2014 at 10:00am — No Comments

The Value of Accuracy in Predictive Analytics

This article was first posted in 2014 but the message bears repeating.  There is a lot being written about tools simple enough for the citizen data scientist to operate.  The unstated constraint is that if you don't have significant experience in data science then these will always be "good enough" models.  The problem is that 'good enough' models under achieve both revenue and profit.  Very small increases in model fitness can translate into much larger increases in campaign ROI.  Business…

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Added by William Vorhies on October 8, 2014 at 8:00am — 4 Comments

Optimizing Disease Management Programs Using Predictive Modeling

Summary:  Here’s an easy to understand example of how predictive analytics can reduce cost while increasing efficacy of disease management programs.

Healthcare providers have made major breakthroughs over the last two decades by creating and implementing increasingly sophisticated disease management programs (DMPs).  At their core there are always two motives, improve the human condition by…

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Added by William Vorhies on October 2, 2014 at 11:05am — No Comments

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