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August 9, 2015 8:19 PM
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The Odds, Continually Updated - NYTimes.com

The Odds, Continually Updated - NYTimes.com | Decision Intelligence News | Scoop.it

Now Bayesian statistics are rippling through everything from physics to cancer research, ecology to psychology. Enthusiasts say they are allowing scientists to solve problems that would have been considered impossible just 20 years ago.

Decision Intelligence's insight:

Bayesian statistics are increasingly important, and this article is an accessible introduction.  The basic idea: calculate statistics as conditional on something else: the probability of cancer *given that* you're a woman over 50; the likelihood of revenue growing more than 50% *given that* your competitors don't launch a new marketing campaign. 

 

Relevant to DI because there's a close relationship between propagating causation in the world and propagating probability (indeed, we might think of the observed probability as the epiphenomenon of the underlying causative link, modulo causation/correlation).  So a Bayesian model can be implemented in a decision model, in those circumstances when probability analysis is the right formalism to solve a particular problem.

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Decision Intelligence News
Decision Intelligence (DI) is the discipline concerned with how organizations and individuals design, support, and improve decision making at scale. It connects actions to outcomes in context by integrating human judgment, data, models, text, and AI into coherent decision systems. Decision Intelligence News curates developments across DI and related fields, including AI, machine learning, governance, enterprise architecture, orchestration, measurement, and decision modeling. Learn more at www.opendi.org and www.learn-di.com.
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