To Explain or To Predict?

12 – 15 September 2012

A half-day ENBIS-12 post-conference course run by Galit Shmueli (Indian School of Business and University of Maryland, USA) and Ron Kenett (University of Turin, Italy)

This half-day day course will focus on the question how to improve the impact of statistical work by providing participants with the tools and understanding of the difference between ‘explaining’ and predicting’. Explaining involves establishing cause and effect relationships and unbiased modelling. Predicting requires minimizing prediction errors and provides tools for managing operational systems. This distinction has special relevance in domains such as pharmaceuticals, telecommunications, financial institutions, healthcare organisations and many others.