Forecast, Predict, Test, and Optimize
In today’s economy, models have to be tested, forecasts have to be accurate, and a solution has to be optimized to deliver the most value. Often, these issues have to be addressed in advance of the implementation of the model or solution. This chapter focuses on looking into the future to predict or forecast outcomes in advance.
In some cases, it may be helpful to predict which prospective employees will have accidents, be absent, perform better, or will stay with the organization. Inside the organization, a forecast is needed to predict which employees will remain with the organization, achieve high performance, or create new ideas. In terms of proposed new solutions, the pressure from executives ...