Abraham Wald, a persecuted Jewish mathematician who fled Austria just before World War II, led an analysis of allied bombers returning from missions. Hitherto, the Air Force had focused on reinforcing areas that showed the most damage on return. Wald convinced them instead to focus…
"The customer is always right" was the motto Selfridge's department store coined in 1909. "We'll tell the customer what they want" was Madison Avenue's mantra starting in the 1950's. Now data scientists like Karolis Urbonas help companies like Amazon (where he works in Europe as…
Text analytics or text mining is the natural extension of predictive analytics, and Statistics.com's text analytics program starts Feb. 6. Text analytics is now ubiquitous and yields insight in: Marketing: Voice of the customer, social media analysis, churn analysis, market research, survey analysis Business: Competitive…
Crowdsourcing, using the power of the crowd to solve problems, has been used for many functions and tasks, including predictive modeling (like the 2009 Netflix Contest). Typically, problems are broadcast to an unknown group of statistical modelers on the Internet, and solutions are sought. Every…
