Engaging with Clients Improves Decision Results
The Titanic’s designers famously assumed it was unsinkable.
They “optimized” cost by providing lifeboats for only 53% of the passengers. A more complete model of the objectives might have provided a more robust solution. As analysts, the key to success is in formulating the problem. Too often we try to “solve” the problem without properly clarifying what matters to our clients and stakeholders. And that’s why 85% of big data analytics projects fail.
How to engage with your clients for success
Despite the great excitement about big data, better analytics tools, and the vast resources that many organizations are investing in growing their teams and technology, multiple surveys of data analytics groups report that most analytics projects fail to provide real business value. In 2015, Gartner Research estimated that 60% of big data projects would fail over the next two years. Two years later, Gartner analyst Nick Heudecker admitted that they had been “too conservative”: The actual failure rate was “closer to 85 percent”.
Learn why so many projects fail and discover the potential approaches and tools that can help your company or organization succeed. Get a link to the white paper. (Read More)
Analytica 5.3 Released
We’re happy to report the latest Analytica release. We invite all users with an active subscription to 5.2 to upgrade.
Key new features include:
Customize node color scheme for Diagrams
Cut (ctrl-x) diagram nodes leaves trace until you paste them to a new diagram
Copy table cells to Excel and other apps with WYSIWYG format
Add web links to Descriptions with ease
Details at What’s new in Analytica 5.3
When you run Analytica, you should get an automatic alert to upgrade if you have a current subscription. If you’re blocked by a firewall, have ADE, or have current support (not a subscription), you can just download the new release from Analytica downloads.
Tips & Tricks: How well do you know your own uncertainty?
Play the Probability Assessment Game
When it comes to estimating probabilities, people tend to exhibit various cognitive biases — like anchoring to recent experiences, overconfidence and various motivational biases. You can learn to compensate for these with practice.
Among the example models bundled with Analytica is the Probability assessment model, which is a trivia game with a twist. Instead of trying to answer trivia questions correctly, you have to estimate the probability that a claim is true, or give 25th and 75th percentile estimates for a quantity. The goal is not to get it right, but rather to be “well-calibrated”? To play, install any edition of analytica (https://analytica.com/products/analytica-editions/compare-builders/), select “Example models / Fun & Games / Probability assessment.ana”.
Lumina is hiring!!
Lumina is growing again! We are looking for a Senior Consulting Analyst to play a leadership role in our consulting group, and an Associate Consulting Analyst to join him or her.
We are also looking to hire a Customer Success Manager to join our sales team to help Analytica users get what they need.
For details see Jobs at Lumina.