From the course: Predictive Analytics Essential Training for Executives
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The unintended consequences of proof of concept projects
From the course: Predictive Analytics Essential Training for Executives
The unintended consequences of proof of concept projects
- I'm not a fan of proof-of-concept projects in predictive analytics. Naturally, I do love the idea of looking before you leap, and I like the notion of failing quickly. The intentions are always good, but there's a couple of mistakes that I see so often that I keep my eye out for them, and you should too. The basic issue is that POCs create a rushed atmosphere, and I can always predict what everybody wants to rush or skip over, which is pretty much everything but the "dump my newest data into the algorithms and give me the answers" part. Here are my issues. First, there is not focus on return on investment. You might be thinking, why do I need an ROI? It's just a POC. I'm of the opinion that you should always desire an ROI, and unfortunately, very few try to measure it with a POC. Even if a vendor has bundled it into the price of some software, you still have dozens or hundreds of person hours that you are going to…
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