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
Credits
About the Author
About the Reviewer
eBooks, discount offers, and more
Preface

Summary


In this chapter, we touched base on the final stage of the problem solving journey-prescriptive analytics. We borrowed a hypothetical use case from the customer experience team of a telecom industry. To solve the problem, we leveraged the layered approach in problem solving and quickly traversed through the descriptive, inquisitive, and predictive path. You then learned about prescriptive analytics and saw how it can be leveraged to enhance the outcome and answer the questions: So what, now what?

To learn the decision making process in decision science, we studied how the problems iterate in reality and how we can solve them better by revisiting the DDH and HDH matrix in our problem solving framework. We further studied how problems are interconnected in nature and how the evolution of a problem can be studied, captured, and proactively solved in a structured way by designing the problem universe and connecting the dots to make more sense of the problem. Finally, we studied how to...