Statistics and Operations Research are at a point to interact and collaborate in the big data era where collecting and understanding data in many diverse applications in today’s modern society can lead to improved predictions and ultimately decisions to benefit both providers and the consumers. In the wake of explosion in data availability as well as computational capabilities, Analytics has become a commonplace term which specifically refers to the scientific process of transforming data into insight for making better decisions (as defined by INFORMS). In this process, there are three major pillars including Descriptive, Predictive, and Prescriptive analytics, as originally coined by Tom Davenport, that can be described as follows:
• Descriptive analytics encompasses the set of statistical techniques that describe what has happened.
• Predictive analytics consists of analytical techniques that use prediction models and past data to predict the future to answer what will happen.
• Prescriptive analytics is the set of analytical techniques for decision-making including mathematical modeling, optimization, decision analysis, and simulation to determine the best course of action in terms of a multitude of objectives to answer what should we do.
While statisticians deal with methods to understand historical data and its use for prediction, operations research analysts are mainly concerned with predictive and prescriptive analytics for problem-solving and improved decision-making with a systems-oriented view. Therefore, in this workshop, we aim to bring statisticians and operations research analysts from academia and industry together to present examples and discuss how this interface can be leveraged to achieve integrated analytics framework for improved decision-making.
The workshop will comprise six speakers, from both academia and industry, as well as a panel discussion to conclude. The audience will include faculty, graduate students, and analytics practitioners.
This workshop is sponsored by DCII Fellows Seminar at SMU.