The Nature of Insight from Data and Implications for Automated Decisioning: Predictive and Prescriptive Models, Decisions, and Actions

In this chapter we move into the next phase of the predictive analytics operation – combining the various hardware and software elements into an automated decision-making system. These “decisioning” systems are the goal; the “Holy Grail” of predictive analytics. Individual algorithms and methodologies should not be viewed as ends in themselves, but as means to an end – the predictive analytics systems that receive input data, conduct necessary data preparation operations, train the appropriate modeling algorithms, and output the decisions themselves – not just some information that can be used by subjective humans to make decisions