Finding the Right Tool to Unlock the Power of Data – Knowledge@Wharton

Small business great read.  The push and choices today can be overwhelming, especially for the small business — how-to make decisions of just enough and the right criteria and tools.

Excerpt:  In the last few decades, statisticians and computer scientists have produced a dazzling arsenal of extremely powerful tools to help managers translate data into business decisions.

Having access to a wide array of versatile solutions is not ordinarily considered a problem in the world of business. But the rise of “big data” has also brought along with it the explosion of mathematical models made possible by today’s low-cost computing and storage platforms. Ironically, this poses a number of substantial challenges to managers trying to making sense of ever-growing quantities of information.

For example, says, Wharton PhD student Eric Schwartz, managers may be tempted to, as he put it, “flex their data-science muscles” and use a statistical model that is simply too complicated for the task at hand. The result, he notes, might well be that the model produces bad advice.

Read full article via Finding the Right Tool to Unlock the Power of Data – Knowledge@Wharton.

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