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Heuristics in Analytics. A Practical Perspective of What Influences Our Analytical World. Wiley and SAS Business Series - Product Image

Heuristics in Analytics. A Practical Perspective of What Influences Our Analytical World. Wiley and SAS Business Series

  • Published: April 2014
  • Region: Global
  • 256 Pages
  • John Wiley and Sons Ltd

Employ heuristic adjustments for truly accurate analysis

Heuristics in Analytics presents an approach to analysis that accounts for the randomness of business and the competitive marketplace, creating a model that more accurately reflects the scenario at hand. With an emphasis on the importance of proper analytical tools, the book describes the analytical process from exploratory analysis through model developments, to deployments and possible outcomes. Beginning with an introduction to heuristic concepts, readers will find heuristics applied to statistics and probability, mathematics, stochastic, and artificial intelligence models, ending with the knowledge applications that solve business problems. Case studies illustrate the everyday application and implication of the techniques presented, while the heuristic approach is integrated into analytical modeling, graph analysis, text analytics, and more.

Robust analytics has become crucial in the corporate environment, and randomness plays an enormous role in business and the competitive marketplace. Failing to account for randomness can steer a model in an entirely wrong direction, negatively affecting the final outcome READ MORE >

Preface xi

Acknowledgments xix

About the Authors xxiii

Chapter 1: Introduction 1

The Monty Hall Problem 5

Evolving Analytics 8

Summary 18

Chapter 2: Unplanned Events, Heuristics, and the Randomness in Our World 23

Heuristics Concepts 26

The Butterfly Effect 30

Random Walks 37

Summary 44

Chapter 3: The Heuristic Approach and Why We Use It 45

Heuristics in Computing 47

Heuristic Problem-Solving Methods 51

Genetic Algorithms: A Formal Heuristic Approach 54

Summary 67

Chapter 4: The Analytical Approach 69

Introduction to Analytical Modeling 71

The Competitive-Intelligence Cycle 74

Summary 97

Chapter 5: Knowledge Applications That Solve Business Problems 101

Customer Behavior Segmentation 102

Collection Models 106

Insolvency Prevention 113

Fraud-Propensity Models 120

Summary 127

Chapter 6: The Graph Analysis Approach 129

Introduction to Graph Analysis 130

Summary 143

Chapter 7: Graph Analysis Case Studies 147

Case Study: Identifying Influencers in Telecommunications 149

Case Study: Claim Validity Detection in Motor Insurance 162

Case Study: Fraud Identification in Mobile Operations 178

Summary 188

Chapter 8: Text Analytics 191

Text Analytics in the Competitive-Intelligence Cycle 193

Linguistic Models 198

Text-Mining Models 200

Summary 207

Bibliography 209

Index 217

CARLOS ANDRE REIS PINHEIRO is Visiting Professor at KU Leuven, Belgium. He headed the Analytical Lab at Oi in Brazil, one of the largest telecommunications companies in Latin America. Pinheiro has conducted Postdoctoral Research at Katholieke Universiteit Leuven, Belgium, Université de Savoie, France and Dublin City University, Ireland. He holds a PhD in Engineering from Federal University of Rio de Janeiro, Brazil. He worked at Brazil Telecom for almost ten years and also accomplished postdoctoral research at IMPA, Brazil, one of the most prestigious mathematical institutions in the world. He has published several papers in international journals and conferences and has four books (all in Portuguese) that focus on the internet, database, web warehousing, and analytical intelligence. He is the author of Social Network Analysis in Telecommunications, published by Wiley.

FIONA McNEILL has applied analytics to business problems since she began her career in 1992 and has consistently helped companies benefit from strategic use of data and analytics. Throughout her career, she has been affiliated with data and technology companies, from information and survey providers, IBM Global Services and for over fifteen years, at SAS. McNeill has published in academic journals, conducted education seminars and presented at both academic and industry conferences over the course of her career. She holds an M.A. in Quantitative Behavioral Geography from McMaster University, and graduated cum laude with a B.Sc. in Bio-Physical Systems, University of Toronto.

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