“Complete Your Clinical Trial With Our File Data” Clinical trials that support new drug development can cost over a billion dollars. A new industry has popped up - data collectors and aggregators that provide digital data from their files as evidence in pharmaceutical clinical trials.…
Anyone who has worked in retail knows the anxiety that attends workforce scheduling for both manager and employee. The manager wonders “Will my employees show up at the right times?” The employee wonders “Will I be scheduled for inconvenient times? Enough hours? Too many hours?” …
Patient Data Management Health analytics is a hot topic now, but to do the analytics you need data - this is where Electronic Health Records (EHR) come in. An integrated, standardized system for sharing and accessing health data has been “just around the corner” now…
Analytics has come to HR. It’s partly Orwellian, tracking what employees do on the computer, and partly warm and fuzzy, leveraging the true informal organizational structure via network analysis (jump into Friday’s Network Analysis course to learn the basics). One dimension assumes the worst about…
Hospitals are a major employer of statisticians and analytics professionals, both in support of clinical research like the retinopathy study described earlier, and to improve hospital operations (outcomes, cost management, etc.). Here are a few quick facts about the hospital industry: US hospital revenue totals…
When a new technology arrives, consulting companies can quickly add staff and expertise to build institutional capacity centered around the technology in ways companies focused on delivering their own products and services cannot. Large consulting companies like Booz Allen and McKinsey, as well as smaller…
In the U.S., credit scoring is dominated by three companies - Experian, TransUnion and Equifax, employing roughly 30,000 people. An important player in the scoring methodology is FICO, previously Fair Isaac Corporation, and the scores are typically called “FICO scores.” Credit scoring is the oldest…
Nothing better illustrates the encroachment of data science and analytics on the older “economy of tangible things” than the business of delivering packages. The use of analytics in package delivery is not new. Companies like UPS and Fedex are longtime users of operations research methods…
The U.S. baseball season opens Thursday, March 28, and celebrates the 48th season of analytics in baseball, beginning with the founding of the Sabermetric Society in 1971 (the same year that Satchel Paige entered the Hall of Fame). Analytics has come a long way in…
Weeds are big business - the global herbicide market is over $35 billion annually. Weeds are also big government (think “invasive species”). California’s listing of weeds is called Encycloweedia, and the state publishes a quarterly newsletter called Noxious Times. Colorado publishes a similar periodical, Invader.…
The application of analytics to agriculture has given rise to what is called “precision agriculture,” a science that seeks to take advantage of and use detailed information that is local in time and place. Tractors and farm equipment are being equipped with sensors and software…
The auto industry serves as a perfect exemplar of three key eras of statistics and data science in service of industry: Total Quality Management (TQM) First in Japan, and later in the U.S., the auto industry became an enthusiastic adherent to the Total Quality Management…
The cost of bringing a new drug to market is over $2 billion, by some estimates. This covers the R&D, clinical trial testing and regulatory approval costs of the drug that makes it through the whole process, and also the same costs of the 9…
The application of analytics to agriculture has given rise to what is called "precision agriculture", a science that seeks to take advantage of and use detailed information that is local in time and place. Tractors and farm equipment are being equipped with sensors and software…
In the U.S., credit scoring is dominated by three companies - Experian, TransUnion and Equifax, employing roughly 30,000 people. An important player in the scoring methodology is FICO, previously Fair Isaac Corporation, and the scores are typically called "FICO scores." Credit scoring is the oldest…
The IRS (U.S. Internal Revenue Service) has been using computers to choose tax returns for audit since 1962. Early on, the selection was rule-based, but the IRS turned to statistical modeling in 1969, using the oldest predictive analytics model in the toolbox - discriminant analysis.…
Nothing better illustrates the encroachment of data science and analytics on the older "economy of tangible things" than the business of delivering packages. The use of analytics in package delivery is not new. Companies like UPS and Fedex are longtime users of operations research methods…
The U.S. baseball season opens Thursday, March 28, and celebrates the 48th season of analytics in baseball, beginning with the founding of the Sabermetric Society in 1971 (the same year that Satchel Paige entered the Hall of Fame). Analytics has come a long way in…
Are you "young and rustic?" Or perhaps a "toolbelt traditionalist?" These are nicknames given to customer segments identified by market research firm Claritas, with its statistical clustering tool. Long before the advent of individualized product recommendations, business sought to segment customers into distinct groups on…
CRO's, or contract research organizations, are a $40 billion industry, growing at close to 12% per year. They provide contract services to the pharmaceutical industry, including statistical design and analysis, laboratory services, administration of clinical trials, and monitoring of drugs once they are on the…
When a new technology arrives, consulting companies can quickly add staff and expertise to build institutional capacity centered around the technology in ways companies focused on delivering their own products and services cannot. Large consulting companies like Booz Allen and McKinsey, as well as smaller…
In 1994, Jim Collins and Jerry Porras, former and current Stanford professors, published the best-seller Built to Last that described how "long-term sustained performance can be engineered into the DNA of an enterprise." It sold over a million copies. Buoyed by that success, Collins and a…
The statistics of targeting individual voters with specific messages, as opposed to messaging that went to whole groups, began in the U.S over a decade ago with the Democrats. Political targeting is now an established business, or at least a discipline within the broader realm…
Preparing for the Superbowl Your team is at midfield, you have the ball, it's 4th down with 2 yards to go. Should you go for it? (Apologies in advance to our many readers, especially those outside the U.S., who are not aficionados of American football,…
Can statistical and machine learning methods replace lawyers? A host of entrepreneurs think so, and do the folks who run www.artificiallawyer.com. Text mining and predictive model products are available now to predict case staffing requirements and perform automated document discovery, and natural language algorithms conduct…
A researcher shakes a sprig from a Christmas tree, and counts the number of needles that fall. He then repeats the process for countless other sprigs. The sprigs are from a variety of species, and the goal is to determine which species do the best…
This weekend (12/8/2018) marked the 253rd anniversary of the birth of Eli Whitney, inventor of the cotton gin. And 20 years ago, Google received its first big infusions of capital from, among others, Jeff Bezos, the founder of Amazon. Both Eli Whitney and the Google…
A classic machine learning task is to predict something's class, usually binary - pictures as dogs or cats, insurance claims as fraud or not, etc. Often the goal is not a final classification, but an estimate of the probability of belonging to a class (propensity),…
The auto industry serves as a perfect exemplar of three key eras of statistics and data science in service of industry: Total Quality Management (TQM) First in Japan, and later in the U.S., the auto industry became an enthusiastic adherent to the Total Quality Management…
Most job ads in the technical arena list communication among the sought-after skills; it consistently outranks many programming and analytical skills. Is it for real, or is it just thrown in there by the HR Department on general principle? The founder of a leading analytics…
An ethical algorithm... Ethics in algorithms is a popular topic now. Usually the conversation centers around the possible unintentional bias or harm that a statistical or machine learning algorithm could do when it is used to select, score, rate, or rank people. For example -…
Thirty years ago, GE became the brightest star in the firmament of statistical ideas in business when it adopted Six Sigma methods of quality improvement. Those methods had been introduced by Motorola, but Jack Welch's embrace of the same methods at GE, a diverse manufacturing…
The classic illustration of the power of brand is perfume - expensive perfumes may cost just a few dollars to produce but can be sold for more than $500 due to the cachet afforded by the brand. David Malan's Computer Science course at Harvard, CSCI…
