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You're reading from  The Economics of Data, Analytics, and Digital Transformation

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Published inNov 2020
PublisherPackt
ISBN-139781800561410
Edition1st Edition
Concepts
Data Analysis
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Bill Schmarzo
Bill Schmarzo
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Bill Schmarzo

Bill Schmarzo, The Dean of Big Data is a University of San Francisco School of Management Executive Fellow and an Honorary Professor at the School of Business and Economics at the National University of Ireland-Galway where he teaches and mentors students in his courses “Big Data MBA” and “Thinking Like a Data Scientist". He is the author of Big Data: Understanding How Data Powers Big Business, Big Data MBA: Driving Business Strategies with Data Science, and The Art of Thinking Like a Data Scientist. He has written countless whitepapers, articles and blogs, and given keynote presentations and university lectures on the topics of data science, artificial intelligence/machine learning, data economics, design thinking and team empowerment.
Read more about Bill Schmarzo

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Postponement Theory

Postponement is a decision to postpone a decision. Postponement occurs when one party seeks to either gain additional information and/or to delay the decision in search of better terms.

Postponement Theory is an economic strategy that maximizes possible benefits and minimizes risks by delaying a decision in order to gain additional data or analytic insights. That is, the decision maker believes that the benefits of delaying the decision while more data is acquired outweigh the cost of potentially making a suboptimal decision.

Data Ramifications: Postponement theory plays out when organizations decide to postpone a decision in order to gather more data and build more accurate analytics to improve the probability of making a "better" decision.

DEAN OF BIG DATA TIP:

Postponement theory is heavily influenced by the costs associated with Type I Errors (False Positive) and Type II Errors (False Negative) associated with that decision...

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The Economics of Data, Analytics, and Digital Transformation
Published in: Nov 2020Publisher: PacktISBN-13: 9781800561410
© 2020 Packt Publishing Limited All Rights Reserved

Author (1)

author image
Bill Schmarzo

Bill Schmarzo, The Dean of Big Data is a University of San Francisco School of Management Executive Fellow and an Honorary Professor at the School of Business and Economics at the National University of Ireland-Galway where he teaches and mentors students in his courses “Big Data MBA” and “Thinking Like a Data Scientist". He is the author of Big Data: Understanding How Data Powers Big Business, Big Data MBA: Driving Business Strategies with Data Science, and The Art of Thinking Like a Data Scientist. He has written countless whitepapers, articles and blogs, and given keynote presentations and university lectures on the topics of data science, artificial intelligence/machine learning, data economics, design thinking and team empowerment.
Read more about Bill Schmarzo

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