Numerous studies have examined what intangible and tangible factors might cause one organization to outperform others over a period of time. There is no question that ideas and talent are invaluable, but it is no longer any surprise that the single most important factor ...
The communications revolution is no longer promising to shift production possibility frontiers outwardly, it is doing so rapidly. But there is a second shift we have not seen yet, and that’s the big data shift. The capacity for organizations to improve decisions ...
The data revolution is impacting government in a number of ways. The foremost is known as ‘smart government’, which is a reference to the way governments manage the data they have and the way they make that management and the services that go with it ...
Enhanced financial regulation typically comes with intended and unintended consequences. Directive 2004/39/EC, the Market for Financial Instruments Directive (MiFID), for example, successfully increased competition among financial instrument trading organizations in ...
Information technologies and the data they create are changing the world rapidly in a multitude of ways. The legal profession, one of the most traditional and adverse to change, is beginning to adapt. A new breed of data savvy lawyers are entering legal circles ...
The Internet of things (IOT) is a reference to computerization in devices and machines we use in everyday life. Smart homes and the smart appliances in them are examples of things that are more and more frequently connected to the Internet and programmable with ...
National and international level statistics that report macroeconomic indicators, like nominal and real inflation, international transaction flows, and trade statistics, are relied on by market participants, policy makers and stakeholders as inputs to critical ...
Big data means billions if not trillions of observations recorded daily. Sophisticated data infrastructures and advanced algorithms reveal new insights into our fast changing world, but only for those massive organizations with the transaction frequency and the know how ...
Data science improves organizational function, but it isn’t always cheap. Scientific data analysis enables organizations to develop more internally efficient business systems. They can more easily reach potential stakeholders and engage them. Data informed ...
What is economic policy? If economics can be described as the study of the allocation of scarce resources among agents, economic policy can be described as the public rules and regulations that guide that allocation. Wherever a society is governed with laws, there will ...
What is maths programming? Mathematical programming, or computational programming, is the process of translating mathematically representable problems into computer languages then harnessing the power of computers to solve them. Along with the Internet, and task ...
What is decision analysis? Decision analysis is a subcategory of decision science. Ultimately, all data science could be classified as decision science, because the entire point of data analytics and informatics is to enable better decision making processes to yield ...
What is optimization Optimization is about making choices that lead to first best outcomes. Mathematically, optimization is usually described with differential calculus, though when functions are linear, and problems are adequately fit substitution can lead to optimal ...
What is macroeconomics Macroeconomics is the field of economics that deals with aggregated quantities. Microeconomics, for example, might deal with firm level economics, while macroeconomics might deal with aggregate firms level economics, the economics of all the firms ...
What is international trade? International trade is the movement of goods across national borders. Because bilateral exchange rates change frequently, international trade is watched closely by national and supranational governments. Small changes in currency pair ...
What is modelling? Modelling is an important part of decision science. Modellers make simplified representations of reality to produce judgements about reality and guide real decisions. Models can be abstract and theoretical, or data driven and empirical. Both ...
What are statistics? Statistics are transformations of data through calculation. While in theory any calculation done with data yields a statistic, in practice statistics are associated with scientific and field specific calculations. For example, during preparation ...
What is data wrangling? Data wrangling is the process of preparing data for analysis or computation. It includes transforming data into various formats and statistical derivations, cleaning data to account for missing observations, clumsy data types, or outright errors, ...
What is data science? The science of data promises to change the world, but many of us do not know what data science is. This segement gives you our answer. Data science is the science of data analytics in the context of scientific query. The data scientist first asks ...