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<br /> HTTP://WWW.ANALYTICS-MAGAZINE.ORG<br /> DRIVING BETTER BUSINESS DECISIONS JANUARY/FEBRUARY 2014<br /> BROUGHT TO YOU BY:<br /> ANALYTICS CAREERS<br /> & CONSULTING<br /> · Eighteen things nobody tells you<br /> about solo practice<br /> · Certification: What it means<br /> for employers, practitioners<br /> · Analytics-driven culture:<br /> Why it's a corporate<br /> no-brainer<br /> ALSO INSIDE:<br /> · Predictive analytics in the cloud<br /> · Analytics & health management<br /> · Dealing with missing values in data<br /> Special Supplement:<br /> CAP Candidate<br /> Handbook<br /> Executive Edge<br /> Verisk Innovative<br /> Analytics President<br /> Marty Ellingsworth<br /> on the future, big data<br /> and bigger analytics<br /> INSIDE STORY<br /> Big dreams, small data<br /> Like everyone else involved in the<br /> analytics space, we’ve been yapping end-<br /> lessly about “big data” in this column. You<br<a title="Analytics, January-February 2014_ page 1" href="http://viewer.zmags.com/publication/6af8b2ed?page=1"> HTTP://WWW.ANALYTICS-MAGAZINE.ORG DRIVING BETTER </a> <a title="Analytics, January-February 2014_ page 2" href="http://viewer.zmags.com/publication/6af8b2ed?page=2"> INSIDE STORY Big dreams, small data Like ev</a> <a title="Analytics, January-February 2014_ page 3" href="http://viewer.zmags.com/publication/6af8b2ed?page=3"> OPTIMIZE YOUR BUSINESS WITH UNPRECEDENTED SP</a> <a title="Analytics, January-February 2014_ page 4" href="http://viewer.zmags.com/publication/6af8b2ed?page=4"> CONTENTS DRIVING BETTER BUSINESS DECISIONS </a> <a title="Analytics, January-February 2014_ page 5" href="http://viewer.zmags.com/publication/6af8b2ed?page=5"> D AnAlytic Solver PlAtfo easy to Use Predictive </a> <a title="Analytics, January-February 2014_ page 6" href="http://viewer.zmags.com/publication/6af8b2ed?page=6"> 66 76 DEPARTMENTS 2 Inside Story 8 Execu</a> <a title="Analytics, January-February 2014_ page 7" href="http://viewer.zmags.com/publication/6af8b2ed?page=7"> D AnAlytic Solver PlAtfo from Solver to full-Pow</a> <a title="Analytics, January-February 2014_ page 8" href="http://viewer.zmags.com/publication/6af8b2ed?page=8"> EXECUTIVE EDGE How analytics will drive th</a> <a title="Analytics, January-February 2014_ page 9" href="http://viewer.zmags.com/publication/6af8b2ed?page=9"> New Solver for Office 365 Excel: Free for Your Tab</a> <a title="Analytics, January-February 2014_ page 10" href="http://viewer.zmags.com/publication/6af8b2ed?page=10"> EXECUTIVE EDGE Now we're at the </a> <a title="Analytics, January-February 2014_ page 11" href="http://viewer.zmags.com/publication/6af8b2ed?page=11"> Figure 1: Companies vary widely in their abilitie</a> <a title="Analytics, January-February 2014_ page 12" href="http://viewer.zmags.com/publication/6af8b2ed?page=12"> EXECUTIVE EDGE The paradigm shift </a> <a title="Analytics, January-February 2014_ page 13" href="http://viewer.zmags.com/publication/6af8b2ed?page=13"> Explore and solve complex problems for FREE FIC</a> <a title="Analytics, January-February 2014_ page 14" href="http://viewer.zmags.com/publication/6af8b2ed?page=14"> A N A LY Z E T H I S ! What is `real' analyti</a> <a title="Analytics, January-February 2014_ page 15" href="http://viewer.zmags.com/publication/6af8b2ed?page=15"> anyone who would listen that the courses that we </a> <a title="Analytics, January-February 2014_ page 16" href="http://viewer.zmags.com/publication/6af8b2ed?page=16"> A N A LY Z E T H I S ! I do my best to tr</a> <a title="Analytics, January-February 2014_ page 17" href="http://viewer.zmags.com/publication/6af8b2ed?page=17"> groups are finding good (though very differ- ent)</a> <a title="Analytics, January-February 2014_ page 18" href="http://viewer.zmags.com/publication/6af8b2ed?page=18"> FORUM Analytics-driven culture Left-brainers</a> <a title="Analytics, January-February 2014_ page 19" href="http://viewer.zmags.com/publication/6af8b2ed?page=19"> Corporate culture can be defined as “how we </a> <a title="Analytics, January-February 2014_ page 20" href="http://viewer.zmags.com/publication/6af8b2ed?page=20"> FORUM What you need to know if you are dat</a> <a title="Analytics, January-February 2014_ page 21" href="http://viewer.zmags.com/publication/6af8b2ed?page=21"> left-brain. The cultural change we seek is to be </a> <a title="Analytics, January-February 2014_ page 22" href="http://viewer.zmags.com/publication/6af8b2ed?page=22"> CALL FOR TOPICS Big data dreams, small data r</a> <a title="Analytics, January-February 2014_ page 23" href="http://viewer.zmags.com/publication/6af8b2ed?page=23"> In our internal data science meetings, we l</a> <a title="Analytics, January-February 2014_ page 24" href="http://viewer.zmags.com/publication/6af8b2ed?page=24"> CALL FOR TOPICS You have no data with </a> <a title="Analytics, January-February 2014_ page 25" href="http://viewer.zmags.com/publication/6af8b2ed?page=25"> Connect with the earned expertise of business for</a> <a title="Analytics, January-February 2014_ page 26" href="http://viewer.zmags.com/publication/6af8b2ed?page=26"> INFORMS INITIATIVES World's best analytics te</a> <a title="Analytics, January-February 2014_ page 27" href="http://viewer.zmags.com/publication/6af8b2ed?page=27"> The six finalists will make presen- tations at</a> <a title="Analytics, January-February 2014_ page 28" href="http://viewer.zmags.com/publication/6af8b2ed?page=28"> INFORMS INITIATIVES Data Exploration & Visualiz</a> <a title="Analytics, January-February 2014_ page 29" href="http://viewer.zmags.com/publication/6af8b2ed?page=29"> most cost-effective opportunities for increasing </a> <a title="Analytics, January-February 2014_ page 30" href="http://viewer.zmags.com/publication/6af8b2ed?page=30"> RESEARCH SURVEY Predictive analytics in the clo</a> <a title="Analytics, January-February 2014_ page 31" href="http://viewer.zmags.com/publication/6af8b2ed?page=31"> Bucking the trend, 10 percent of the respon- d</a> <a title="Analytics, January-February 2014_ page 32" href="http://viewer.zmags.com/publication/6af8b2ed?page=32"> A N A LY T I C S I N T H E C LO U D historicall</a> <a title="Analytics, January-February 2014_ page 33" href="http://viewer.zmags.com/publication/6af8b2ed?page=33"> shown in Figure 3. This probably reflects the u</a> <a title="Analytics, January-February 2014_ page 34" href="http://viewer.zmags.com/publication/6af8b2ed?page=34"> A N A LY T I C S I N T H E C LO U D experience </a> <a title="Analytics, January-February 2014_ page 35" href="http://viewer.zmags.com/publication/6af8b2ed?page=35"> VISUAL See your data for all it's worth. Explor</a> <a title="Analytics, January-February 2014_ page 36" href="http://viewer.zmags.com/publication/6af8b2ed?page=36"> ADVENTURES IN CONSULTING Eighteen things n</a> <a title="Analytics, January-February 2014_ page 37" href="http://viewer.zmags.com/publication/6af8b2ed?page=37"> Emerson famously wrote, “If you build a better mo</a> <a title="Analytics, January-February 2014_ page 38" href="http://viewer.zmags.com/publication/6af8b2ed?page=38"> ADVENTURES IN CONSULTING As you become more </a> <a title="Analytics, January-February 2014_ page 39" href="http://viewer.zmags.com/publication/6af8b2ed?page=39"> your company quickly. For example, don’t let your</a> <a title="Analytics, January-February 2014_ page 40" href="http://viewer.zmags.com/publication/6af8b2ed?page=40"> ADVENTURES IN CONSULTING I’ve done a number </a> <a title="Analytics, January-February 2014_ page 41" href="http://viewer.zmags.com/publication/6af8b2ed?page=41"> Is the largest association for analytics in the c</a> <a title="Analytics, January-February 2014_ page 42" href="http://viewer.zmags.com/publication/6af8b2ed?page=42"> ADVENTURES IN CONSULTING not just extensions of</a> <a title="Analytics, January-February 2014_ page 43" href="http://viewer.zmags.com/publication/6af8b2ed?page=43"> you need to ask for another loan before you’ve pa</a> <a title="Analytics, January-February 2014_ page 44" href="http://viewer.zmags.com/publication/6af8b2ed?page=44"> CAP UPDATE Certified Analytics Professional A u</a> <a title="Analytics, January-February 2014_ page 45" href="http://viewer.zmags.com/publication/6af8b2ed?page=45"> publication on “The Shape of Analytics Certificat</a> <a title="Analytics, January-February 2014_ page 46" href="http://viewer.zmags.com/publication/6af8b2ed?page=46"> CAP UPDATE CERTIFICATION SETS EMPLOYEES APART </a> <a title="Analytics, January-February 2014_ page 47" href="http://viewer.zmags.com/publication/6af8b2ed?page=47"> supporting this goal. Doing so tells em- ployees </a> <a title="Analytics, January-February 2014_ page 48" href="http://viewer.zmags.com/publication/6af8b2ed?page=48"> CAP UPDATE of not understanding the difference </a> <a title="Analytics, January-February 2014_ page 49" href="http://viewer.zmags.com/publication/6af8b2ed?page=49"> in statistics and 15 years of experience in credi</a> <a title="Analytics, January-February 2014_ page 50" href="http://viewer.zmags.com/publication/6af8b2ed?page=50"> CAP UPDATE CAP Special Supplement This issue</a> <a title="Analytics, January-February 2014_ page 51" href="http://viewer.zmags.com/publication/6af8b2ed?page=51"> Get Started with Analytics Find out how the use o</a> <a title="Analytics, January-February 2014_ page 52" href="http://viewer.zmags.com/publication/6af8b2ed?page=52"> ANALYTICS & HEALTHCARE Population health mana</a> <a title="Analytics, January-February 2014_ page 53" href="http://viewer.zmags.com/publication/6af8b2ed?page=53"> Figure 1: National supply and demand projections </a> <a title="Analytics, January-February 2014_ page 54" href="http://viewer.zmags.com/publication/6af8b2ed?page=54"> ANALYTICS & HEALTHCARE POPULATION HEALTH MANAG</a> <a title="Analytics, January-February 2014_ page 55" href="http://viewer.zmags.com/publication/6af8b2ed?page=55"> patients into the medical facilities, this ap- pr</a> <a title="Analytics, January-February 2014_ page 56" href="http://viewer.zmags.com/publication/6af8b2ed?page=56"> ANALYTICS & HEALTHCARE Although better medicati</a> <a title="Analytics, January-February 2014_ page 57" href="http://viewer.zmags.com/publication/6af8b2ed?page=57"> like never before to deliver better care for the </a> <a title="Analytics, January-February 2014_ page 58" href="http://viewer.zmags.com/publication/6af8b2ed?page=58"> WORKING WITH DATA Missing values The origin, d</a> <a title="Analytics, January-February 2014_ page 59" href="http://viewer.zmags.com/publication/6af8b2ed?page=59"> decide whether a sufficient number of re- cords r</a> <a title="Analytics, January-February 2014_ page 60" href="http://viewer.zmags.com/publication/6af8b2ed?page=60"> M I S S I N G VA L U E S Figure 1:Distribut</a> <a title="Analytics, January-February 2014_ page 61" href="http://viewer.zmags.com/publication/6af8b2ed?page=61"> interval 55 to 95 years rather than covering the </a> <a title="Analytics, January-February 2014_ page 62" href="http://viewer.zmags.com/publication/6af8b2ed?page=62"> M I S S I N G VA L U E S record the variables A</a> <a title="Analytics, January-February 2014_ page 63" href="http://viewer.zmags.com/publication/6af8b2ed?page=63"> SYSTEMATIC MISSING VALUES REALLY MATTER From </a> <a title="Analytics, January-February 2014_ page 64" href="http://viewer.zmags.com/publication/6af8b2ed?page=64"> M I S S I N G VA L U E S When looking at the </a> <a title="Analytics, January-February 2014_ page 65" href="http://viewer.zmags.com/publication/6af8b2ed?page=65"> Figure 7: Methods to detect, impute missing value</a> <a title="Analytics, January-February 2014_ page 66" href="http://viewer.zmags.com/publication/6af8b2ed?page=66"> CONFERENCE PREVIEWS Davenport to headline INF</a> <a title="Analytics, January-February 2014_ page 67" href="http://viewer.zmags.com/publication/6af8b2ed?page=67"> analytics and O.R. Each finalist for the 2014 </a> <a title="Analytics, January-February 2014_ page 68" href="http://viewer.zmags.com/publication/6af8b2ed?page=68"> CONFERENCE PREVIEWS Focused Tracks • The Anal</a> <a title="Analytics, January-February 2014_ page 69" href="http://viewer.zmags.com/publication/6af8b2ed?page=69"> WORKSHOPS ON TECHNOLOGY AND SOFT SKILLS </a> <a title="Analytics, January-February 2014_ page 70" href="http://viewer.zmags.com/publication/6af8b2ed?page=70"> CONFERENCE PREVIEWS From data-rich to decis</a> <a title="Analytics, January-February 2014_ page 71" href="http://viewer.zmags.com/publication/6af8b2ed?page=71"> interests of business deci- sion-makers, IT man</a> <a title="Analytics, January-February 2014_ page 72" href="http://viewer.zmags.com/publication/6af8b2ed?page=72"> FIVE-MINUTE ANALYST Markov's nursery </a> <a title="Analytics, January-February 2014_ page 73" href="http://viewer.zmags.com/publication/6af8b2ed?page=73"> Know what's hot. The topic of analytics is on </a> <a title="Analytics, January-February 2014_ page 74" href="http://viewer.zmags.com/publication/6af8b2ed?page=74"> FIVE-MINUTE ANALYST There are several approa</a> <a title="Analytics, January-February 2014_ page 75" href="http://viewer.zmags.com/publication/6af8b2ed?page=75"> Figure 1: Probability that both children remain s</a> <a title="Analytics, January-February 2014_ page 76" href="http://viewer.zmags.com/publication/6af8b2ed?page=76"> THINKING ANALYTICALLY Golf queueing </a> <a title="Analytics, January-February 2014_ page 77" href="http://viewer.zmags.com/publication/6af8b2ed?page=77"> OPTIMIZATION www.gams.com </a> <a title="Analytics, January-February 2014_ page 78" href="http://viewer.zmags.com/publication/6af8b2ed?page=78"> To find an expert to help you, log onto INFORMS F</a> <a title="Analytics, January-February 2014_ page 79" href="http://viewer.zmags.com/publication/6af8b2ed?page=79"> Certified Analytics Professional ® c</a> <a title="Analytics, January-February 2014_ page 80" href="http://viewer.zmags.com/publication/6af8b2ed?page=80"> </a> <a title="Analytics, January-February 2014_ page 81" href="http://viewer.zmags.com/publication/6af8b2ed?page=81"> INFORMS Certified Analytics Professional (CAP®) </a> <a title="Analytics, January-February 2014_ page 82" href="http://viewer.zmags.com/publication/6af8b2ed?page=82"> INTRODUCTION ....................................</a> <a title="Analytics, January-February 2014_ page 83" href="http://viewer.zmags.com/publication/6af8b2ed?page=83"> DISCIPLINE PROCESS ..............................</a> <a title="Analytics, January-February 2014_ page 84" href="http://viewer.zmags.com/publication/6af8b2ed?page=84"> About INFORMS INFORMS is the world’s largest prof</a> <a title="Analytics, January-February 2014_ page 85" href="http://viewer.zmags.com/publication/6af8b2ed?page=85"> Following the first CAP® examination in April, 201</a> <a title="Analytics, January-February 2014_ page 86" href="http://viewer.zmags.com/publication/6af8b2ed?page=86"> Vision and Mission Statements of the CAP® Program</a> <a title="Analytics, January-February 2014_ page 87" href="http://viewer.zmags.com/publication/6af8b2ed?page=87"> Confirmation of Soft Skills An important trait of </a> <a title="Analytics, January-February 2014_ page 88" href="http://viewer.zmags.com/publication/6af8b2ed?page=88"> The findings of this working group were then valid</a> <a title="Analytics, January-February 2014_ page 89" href="http://viewer.zmags.com/publication/6af8b2ed?page=89"> (18%–26%) Domain III Data (The ability to wor</a> <a title="Analytics, January-February 2014_ page 90" href="http://viewer.zmags.com/publication/6af8b2ed?page=90"> Steps in the Certification Process 1. Potentia</a> <a title="Analytics, January-February 2014_ page 91" href="http://viewer.zmags.com/publication/6af8b2ed?page=91"> Application and Payment Submission Process www.in</a> <a title="Analytics, January-February 2014_ page 92" href="http://viewer.zmags.com/publication/6af8b2ed?page=92"> The following fees are currently approved for the</a> <a title="Analytics, January-February 2014_ page 93" href="http://viewer.zmags.com/publication/6af8b2ed?page=93"> INFORMS reserves the right to cancel any examinat</a> <a title="Analytics, January-February 2014_ page 94" href="http://viewer.zmags.com/publication/6af8b2ed?page=94"> The CAP® examination is a 100-item written test c</a> <a title="Analytics, January-February 2014_ page 95" href="http://viewer.zmags.com/publication/6af8b2ed?page=95"> 4. Which of the following is an effective optim</a> <a title="Analytics, January-February 2014_ page 96" href="http://viewer.zmags.com/publication/6af8b2ed?page=96"> 13 9. 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