Kristin JonesSocial Media Specialist III| PMINewtown Square, Pa, United States
How accurate do data-based decisions prove to be? Saving Changes...
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Ganesh SrinivasanGanesh PMO (PMP, PMI-SP, ITIL-F)| MNC BankChennai, India
Hi Kristin Jones, Thanks for the post. I feel next 20 years BIG DATA is going to create great revolution. I have heard from my friend organisation used big data it shows 20% performance improvement compare to others.
I'm waiting for our experts opinion in this regard. Saving Changes...
Dominic LawProduct Manager| PCCW GlobalHappy Valley, Hong Kong
My opinion is that it depends on what data to use, how to process them, how to analyze them and lastly how to use the results to make business decisions. Big storage like Cloud and fast computing allow us to collect and use Big Data but in the end it is how we use it. So my suggestion is reverse engineering, start from what decision you wish to make, and then go backwards to see what data to use. And data is always accurate (well, apart from how you collect it), but business decision is always made by human. Saving Changes...
Suresh MKConsultant - Transformation| FreelancingBangalore, Karnataka, India
In our world where we use Analytics it is quite accurate. Data by itself will not help you to make decision but further analysis an bringing the right insight is the one which will make the decision accurate. Saving Changes...
We use data to make proposals, pricing, investment decisions etc. However, the data collection and analysis is less structured / more ad hoc.
Since we are still trying to make forecasts based on past data, they are not 100% accurate... but probably more accurate than any other method we could use Saving Changes...
Mike FrenetteManager, IT PMO| Halifax Water (retired)Halifax, Nova Scotia, Canada
Hi Kristin,
A very interesting question.
The accuracy of a decision based on the use of "big data" depends on the relevance of the data to the decision being made, and what source of data is being used. For example, using current population statistics, birth rate projections, applications by developers for new subdivisions to be created in a timeframe and existing school population over time might provide a reasonable basis from which to decide where to build the next schools in a municipality, resulting in a decision that might prove itself accurate using future hindsight.
If, on the other hand, only one of these factors was used, or some other factor that bears little relationship to future growth was used, such as overcrowding in current schools with no study of the reason for overcrowding and where the future population will likely reside, the decision made might prove to be very inaccurate. Saving Changes...
Accuracy of the data based decision is dependent on the quality of the data,evaluation methods and the expertise of the individual or the the team.To my knowledge, there is no statistical information or a repository available on this item. Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
As stated by Claude Shannon in his work "The Mathematical Theory of Information" data should be converted to information to take decisions. That´s the key which is mostly forgotten in the last years when new words like Big Data has been assigned to things that existed from long time ago. Saving Changes...
Information is not knowledge,
Knowledge is not wisdom,
Wisdom is not truth,
Truth is not beauty,
Beauty is not love,
Love is not music
and Music is THE BEST
