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Predictive Decision Making

By Moloy De posted Thu October 01, 2020 07:28 PM

  
Prediction brings insight into unknown. Accurate predictions can potentially transform businesses, industries, and almost any organization. Marketing, financial services, insurance, retail, and healthcare are just a few industries seeking for accurate predictions to enhance their decisions.

Today, humanity more than ever seeks accurate predictions to better react to the climate changes. Due to uncertainties, complexity of the prediction functions and high computation costs, the conventional mathematical modeling approach cannot provide any reliable prediction model. Instead predictive analytics, emerged from data science, identifies patterns in big data to build predictive model for organizations.

Although prediction modeling is meant to empower the decision-support systems, in reality it could not be beneficial as expected, as yet identifying the best possible response to the valid prediction is the actual problem that organizations facing now. In fact optimizing the optimal decisions and anticipation of every decision and its consequences must be also predicted and optimized.

To scale to the complexity created we coin the term “predictive-decision model” a novel integration of prediction analytics with decision modeling, where predictions are optimized and decisions are predicted. Further an intelligent agent makes automated decisions relying on learning algorithms and the decision preferences. This will revolutionize the way decision-support systems function today.

Below is a fun thought.


REFERENCE: Predictive Decision Making 
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