Thursday, November 25, 2010

Probabilistic Models: How to Be More Accurate With Uncertainty

From: [Institute of Management consultants USA]

We all know that the only guaranteed thing about all models is that they are wrong. There are too many uncertainties in any model, both in its inputs as well as its design, to do more than give us insights. How are consultants to respond to clients who ask them to build or use a model to predict future outcomes?

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