Book Image

Smarter Decisions - The Intersection of Internet of Things and Decision Science

By : Jojo Moolayil
Book Image

Smarter Decisions - The Intersection of Internet of Things and Decision Science

By: Jojo Moolayil

Overview of this book

With an increasing number of devices getting connected to the Internet, massive amounts of data are being generated that can be used for analysis. This book helps you to understand Internet of Things in depth and decision science, and solve business use cases. With IoT, the frequency and impact of the problem is huge. Addressing a problem with such a huge impact requires a very structured approach. The entire journey of addressing the problem by defining it, designing the solution, and executing it using decision science is articulated in this book through engaging and easy-to-understand business use cases. You will get a detailed understanding of IoT, decision science, and the art of solving a business problem in IoT through decision science. By the end of this book, you’ll have an understanding of the complex aspects of decision making in IoT and will be able to take that knowledge with you onto whatever project calls for it
Table of Contents (15 chapters)
Smarter Decisions – The Intersection of Internet of Things and Decision Science
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About the Author
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Preface

Identifying gold mines in data for decision making


As a first step, before we dig deeper into the data exploration and analysis phase, we need to identify the gold mines in data. In the previous chapter, we designed the heuristic-driven hypotheses (HDH) while defining the problem. We now need to revisit the list and explore it to understand whether we are in a position to solve the problem using the data. We will be able to do this by examining and validating the data sources for the identified hypotheses. In case we do not have data to prove/disprove majority of our important hypotheses, it would not add any value by proceeding any further with the current approach. With data being available, we can get our hands dirty with codes for the solution.

Examining data sources for the hypotheses

If we take a look at the Prioritize and structure hypotheses based on the availability of data section in the previous chapter, we can see that we have listed a couple of hypotheses that could be potential...