Skip to main content
Search

Analytics: how data becomes information

Published on July 31, 2024   28 min

A selection of talks on Marketing & Sales

Please wait while the transcript is being prepared...
0:00
Hello. My name is Barry Keating, and I'm on the faculty of the College of business at the University of Norre Dame where I've taught forecasting and analytics courses for over 30 years. This talk is about the latest developments in prediction called predictive analytics. Universities are creating analytics departments. Businesses are using big data and even your automobile uses artificial intelligence. Each of these situations is an instance of analytics making predictions.
0:36
Cheap changes everything. In an earlier talk, we discussed how when the price of something falls, we use more of it. It's happening right now in a big way with predictive analytics. If economists are good at one thing, it's cutting through the hype. Remember that we found that technological change makes things cheap that were once expensive. Computers do arithmetic and nothing more. But in the process the cost of calculation has dropped dramatically. Along with the steep drop in the price of calculation has come another steep drop in price. The drop in the price of collecting, storing and accessing data. Remember that data is the raw material data scientists use to create information.
1:24
In these talks, we've outlined the chronology of how the science of prediction has evolved. That evolution was not a revolution but rather a slow shift over time in the way we created predictions driven by changing costs of making the predictions and the usefulness of the predictions themselves. Just like the evolution of light bulbs from

Quiz available with full talk access. Request Free Trial or Login.