Computational Intelligence in Business Analytics: Concepts, Methods, and Tools for Big Data Applications

3. Computational Intelligence Versus Statistical Approaches

Learning Objectives

• To understand the difference between computational intelligence and statistical models

• To gain insights into computational intelligence by learning the conditions under which it could be used

• To understand when computational intelligence has an upper hand over statistical approaches

• To understand that computational intelligence is needed when managers face big data problems and are uncertain of the assumptions needed to specify consequences and impact of decision alternatives

• To appreciate the power of computational intelligence in adding value to one’s business

3.1 Introduction

Although most (if not all) literature on big data analysis utilizes statistical ...