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NACHIKETA .

Sparks Nov'13
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Everything posted by NACHIKETA .

  1. Thanks Deepika for the effervescent praise. As I have already stated that one of the main features of a DSS is that it is able to solve complex and unstructured problems. It is designed in a way that allows queries of any type so on that front your concerns will be minimal. In the second case though, where there isn't enough data or data understanding is low, These systems may take an incomplete/inaccurate decision. But even in such cases, the decision of the D3M system will be much more accurate than the decision of a human who's placed in the same situation.
  2. Thanks Sasi Msb, glad that you found the article informative and I do recognize the need of more time to explore this hidden gem properly. Lets try and work out something together.
  3. Thanks Nishant. It is indeed a great time for us humans. To be able to synergize our intuitive thinking with newer and richer Data Driven Approach, is a win win situation for all stakeholders.
  4. Integrity and Reliability of the data in the knowledge base is one of the cornerstones of D3M. With the advent of Big data and easy availability of data the need for credible information has grown all the more. Therein lies the great chance. the chance to fulfill the huge potential of being a credible source of information. Many firms will strive to achieve that in the near future. A few days ago, Apple bought the Twitter Analytics company Topsy for 200 Million. This shows the importance that analytics will play in the near future. A DSS not only depends on a lot of external data tha
  5. Thanks Kaustabh, Glad that I was able to shed some light on this matter and help you in whatever little way I could.
  6. I'll take it as compliment towards my marketing skills, Sir. But that just illustrates the power of Data and Networking in today's world. I received information of my selection a few days back. Shared the Link for the same across all my Social Networking Accounts and my blog, and here we are at 50 comments in a day with lots of interesting queries still to be answered and time running out. Credit goes to the Benchmark Six Sigma Team for highlighting such an important issue that people of all ages flocked to read the article and clarify their doubts regarding the same. And It isn't restr
  7. One of the most successful uses of Data Driven Decision making has been in the field by Human resources by various HR consultancies and Government Institutions in the US. Some of the Key areas that they have identified are: 1. Using HR Analytics to diagnose key drivers of organization/business performance 2. Rigorously evaluating the effects of HR interventions 3. Assessing costs and consequences of important employee behaviors (e.g., turnover) 4. Strategic Workforce Planning 5. Predictive Analytics about their workforce. (Understanding the drivers of performance and retention, usin
  8. Thanks Aayush. I will always remember that Mu-Sigma incident.
  9. Nice Nachi!!!! ...very well written, wat are the techniques ideas are their for data collection, at least to the level to make decisions. Thanks for the appreciation Stacy Angom and Karan Kamra. Since both of you have asked a similar question I'd like to answer both of them together. I concur with you on the importance of data collection and it's truly a wonderful question. As I have stated repeatedly in the comments Data in the Knowledge Base is basically from three sources. 1. Legacy System/Core Transaction Processing System - The data from these sources is saved in the
  10. Thanks Himanshu Lohani.. Your question is multi-fold and I would like to answer it byte-by-byte. I agree with you to the extent that yes in times when we don't have sufficient data at hand we have to take wild guesses. But taking such wild guesses repeatedly bequeath logic. We have so much data nowadays. The world today is home to 5 zetta bytes of data. Facebook alone collects upto 15 TB of data each day. Needless to say, we now need to come out of our hollow cocoons of intuitive decision making and face the brave new world of data. Today Data is everywhere. We have enough data to find sol
  11. Thanks Swati for the compliments. I totally agree with you on the fact that Decision making has been based on reasoning and logic since time immemorial. Intuitive decision making has always been a smaller set. And in the age of Big Data, we realize that we have the golden opportunity to tune into this data and utilize it to make better and more sound decisions...
  12. Thanks Chahat, I hope this article was of some help to you and thanks for your motivational words.
  13. Thanks Aditya. Glad the article could help you get an insight into this intriguing world.
  14. Dear Sakshi, thanks for the praise. now moving on to your question. Humans make decisions on the basis of their perceptions of reality and not reality itself. These perceptions are based on their sensory organs, experiences, emotions and motivation amongst other factors. These perceptions also suffer from camouflage, recency effect, contrast effect and grouping along with a host of arbitrary errors. These perceptions differ from the reality in varying degrees and in worst case scenario it can be unrecognizably different from the reality. Thus the question that really comes to all our min
  15. Dear Ganesh Venkat, What you said is absolutely true. In the real world we have so many examples of intuitive decision makers being successful. Two of the best examples that come to my mind are IBM's Deep Thought Computer losing to Kasparov and even its improved version Deep Blue losing the opening game to the former World Champion. One more example could be the continued success of Mr. Warren Buffet in the stock market. But, what we need to look into is the question that are these truly intuitive decisions? Most of the decisions that we humans take are not intuitive, though we might l
  16. Thanks for the praise Aishwarya. I would like to answer your questions one by one. Firstly, you want to know what is the minimum amount of data required to implement Data Driven Decision Making on a Decision support System. Like in the case of real life, taking a decision is a result of weighing in the pros and cons of every possible state. Similarly in Data Driven Decision Making we try to look into as many aspects as possible and weigh in their pros and cons. Weighing in an aspect/state usually entails quantifying the possible states in positive and negative values. The more data we
  17. Thanks Prateek. Feel free to put forth any doubts/queries you have on the issue.
  18. Thanks for asking such insightful questions and I sincerely hope that any lingering doubts you had on the subject matter have been put to rest.
  19. Hi Hila, Some of the recent success stories that I have come across include, 1. A major cable-TV channel uses viewer and other data to create a highly detailed list of its viewers’ core values and beliefs. This list is central to everything it does, even when developing concepts for new shows. The company weighs almost every decision it makes against these values. Whatever doesn’t fit in won’t get the green light to continue, even if it has terrific commercial potential. 2. A radio network that produces original reporting uses listener and marketing data to create distinct liste
  20. Thanks Hila Jimosaya, As the age old adage goes, "Cleanliness is next to godliness"I have already pointed out Data cleansing is one of the most important steps in Data Driven Decision Making. In a Decision support System, Data needs to be consistent and accurate with maximum coverage.Most Such systems source Data from a Transaction Processing System and a CRM system with some other external sourcesif needed be. In such a case we need to ensure data integrity, consistency and accuracy. We need to check for Redundancies and duplication. Also certain checks and monitors need to be placed for fin
  21. Glad that you liked the article, Sir. As you may have guessed correctly, the above statement is Data Driven. Data Driven Decision Making has been extensively used in the field of Education in the US and a GilfusEducation Research in 2012 found out that for Schools using D3M the average monthly spending went up by 10 percent and the average Teacher-Student interaction time decreased by 7 percent due to increased workload of feeding data. One may counter argue that the same may not be true of instances wherein the focus is on saving money and not improving the quality of education but sett
  22. As a Computer Illiterate growing up in the new millennium, I had tremendous difficulty making sense of how to do most of my stuff. Most of my decisions were snap, on-the-moment and intuitive ones. By the time I was in my teens, I had learnt my way around the big computer problem. My experiences and the Great Indian “Jugaad†mind-set had provided me with a sufficient enough method wherein I only worked on the computer when absolutely necessary. If there was any other way to do the task, any escape route, I gladly followed it. By now you must have realised that I was and am sceptic a
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