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Humans-in-the-loop forecasting: integrating data science and business planning

The Unofficial Google Data Science Blog

This classification is based on the purpose, horizon, update frequency and uncertainty of the forecast. A single model may also not shed light on the uncertainty range we actually face. These characteristics of the problem drive the forecasting approaches.

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Why CEOs should test big digital business ideas in tiny countries.

Mark Raskino

For example in 2003, when I visited Zagreb in Croatia for the first time – they had mobile phone text based payment for car parking. He was talking about something we call the ‘compound uncertainty’ that must be navigated when we want to test and introduce a real breakthrough digital business idea. This is not a new observation.

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What Will Drive Innovation in this Great Reset

Andrew White

In this second phase executive leaders will need to make critical business decisions with even less data and with more uncertainty. This enthusiasm for the topic hearkens back to Erik Brynjolfsson’s popular opine from a paper in 2003 (Computing Productivity: Firm Level Evidence): we see productivity growth all around us; just not in the data.

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The trinity of errors in applying confidence intervals: An exploration using Statsmodels

O'Reilly on Data

Because of this trifecta of errors, we need dynamic models that quantify the uncertainty inherent in our financial estimates and predictions. Practitioners in all social sciences, especially financial economics, use confidence intervals to quantify the uncertainty in their estimates and predictions. References.