Blockchain for Wall Street

Posted on December 3, 2016 by decisionmanagementcommunity

blockchain-wallstreetA new article “Blockchain Pros Debate ‘Looming Challenges’ for Smart Contracts” talks about Wall Street insiders and blockchain innovators who are trying to sort through when a smart contract is a bad idea, when it’s a good idea and what stands in the way of widespread proliferation of the technology. Read also about Wall Street Blockchain Alliance

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Common Decision-Making Mistakes

Posted on December 1, 2016 by decisionmanagementcommunity

leadership-decisionsEric McNulty just published an interesting paper “Improve the quality of your leadership decisions” in which he explains how decision science can help you get better at decision-making. Here is an example of common decision-making mistakes: “One of the most frequent pitfalls in learning to make better decisions is outcome bias. This is the tendency to equate a good outcome with a good decision process and a bad outcome with poor decision-making. You might do everything right yet get a poor outcome resulting from factors outside of your control. Or you might fumble through the process and have everything turn out better than expected. With the many variables in your operating environment, there will never be an automatic correlation between process and outcome. Even the most highly skilled athletes sometimes lose.”

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Solutions for Oct-2016 Challenge “Rebooking Passengers”

Posted on December 1, 2016 by decisionmanagementcommunity

solutionSo far we received two solutions for Challenge Oct-2016 “Rebooking passengers from cancelled flights”. Any other solution? It’s never too late to provide more solutions for any of our challenges.  Continue reading →

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Three Technology Trends for 2017

Posted on November 23, 2016 by decisionmanagementcommunity

trendsNeil Ward-Dutton and his colleagues published the key trends they see organisations facing in 2017 (and beyond). Here they are:

  • The rise of learning systems
  • From as-a-service to self-service
  • From packaged products to easy-to-use platforms with open APIs for customization and extension.

Continue reading →

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DecisionCAMP-2017 in London

Posted on November 13, 2016 by decisionmanagementcommunity

DecisionCAMPThe next DecisionCAMP will be held on July 13-14, 2017 at Birkbeck University of London, London UK.  The event is organized by DMCommunity.org and this year it is hosted by the International Joint Conference on Rules and Reasoning. DecisionCAMP-2017 will feature presentations from leading decision management authorities, vendors, and practitioners. The event will explore the current state of the Decision Management practice, the use of the DMN standard, real-world business cases and their solutions supported by various DM tools.

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The Darker Side of Machine Learning

Posted on November 12, 2016 by decisionmanagementcommunity

troubleswithaiWhile machine learning is introducing innovation and change to many sectors, it also is bringing trouble and worries to others. One of the most worrying aspects of emerging machine learning technologies is their invasiveness on user privacy. This TechCrunch’s article provides many alerting examples

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How Blockchain Will Change Your Life

Posted on November 10, 2016 by decisionmanagementcommunity

blockchainIBM CEO Ginni Rometty describes how blockchain provides a pivotal opportunity for companies and industries. “Blockchain offers a way to track items or transactions using a shared digital “ledger.” Blocks of new transactions are added at the end of the chain, and encryption ensures that it remains unbroken—tamper-proof and error-free. This is significantly more efficient than the current methods for logging and sharing such information. Consider the process of buying a house, a complex transaction involving banks, attorneys, title companies, insurers, regulators, tax agencies and inspectors. They all maintain separate records, and it’s costly to verify and record each step. That’s why the average closing takes roughly 50 days. Blockchain offers a solution: a trusted, immutable digital ledger, visible to all participants, that shows every element of the transaction.” Read more

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Andrew Ng: What AI Can and Can’t Do

Posted on November 10, 2016 by decisionmanagementcommunity

ai1Andrew Ng is the founding lead of the Google Brain team, former director of the Stanford Artificial Intelligence Laboratory, and now overall lead of Baidu’s AI team of some 1,200 people. In the latest Harvard Business Review he wrote: “AI will transform many industries. But it’s not magic. To understand the implications for your business, let’s cut through the hype and see what AI really is doing today. Surprisingly, despite AI’s breadth of impact, the types of it being deployed are still extremely limited. Almost all of AI’s recent progress is through one type, in which some input data (A) is used to quickly generate some simple response (B). For example:” Continue reading →

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Predictions always contain errors!

Posted on October 28, 2016 by decisionmanagementcommunity

oops2We are all well aware of the predictive analytical capabilities, however, it remains important to stress that the outcome of a prediction model will always contain an error. Decision makers need to know how big that error is.  “Now that predictive modelling is getting used in environments where errors can have a large impact, this should be top of mind for both the analytics professional and the decision maker. Just imagine your doctor concluding that your liver needs to be taken out because his predictive model estimates a high probability of a very nasty decease? Wouldn’t your first question be how certain he/she is about that prediction? So, my advice to decision makers, only use outcomes of predictive models if accuracy and precision measures are provided. If they are not there, ask for them. Without them, a decision based on these predictions comes close to a blind leap of faith.” Read John Poppelaars’s post

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Why-Analyzer for Decision Modeling

Posted on October 27, 2016 by decisionmanagementcommunity

whybuttonOpenRules announced availability of a new tool “Why-Analyzer for Decision Modeling“ that will be introduced at BBC-2016 on Nov 3 in Las Vegas.  In 2013 Ron Ross wrote: “Imagine you had a Why Button handy whenever you encountered some disconnect in day-to-day business operations. Hit the Why Button and presto – answers appear in the form of relevant business rules.”   In a way Why-Analyzer provides the “Why Button” for decision models built in accordance with the DMN standard. It’s much more than just a button but rather a smart graphical interface that allows business analysts to analyze the results produced by their decision models. Watch video

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