Pitfalls and Challenges of Modeling Complexity

data visualizationMathematical modeling is helping companies across the globe forecast more accurately, optimize supply chains, assess risk, and keep customers from churning to competitors.

However, recent market conditions (i.e. credit crisis) have shown that while models can provide an “air of certainty”, solely relying on them for complex decision making can be very costly. Under what circumstances can mathematical models be trusted?

Data, by itself is of little value. The real value lies in the capturing, cleansing, management and analysis of data thereby making it more useful for decision making.  read original post

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