Why Google Flu is a failure: the hubris of big data

Posted on by Teddy Nee

Why Google Flu is a failure: the hubris of big data

People with the flu (the influenza virus, that is) will probably go online to find out how to treat it, or to search for other information about the flu. So Google decided to track such behavior, hoping it might be able to predict flu outbreaks even faster than traditional health authorities such as the Centers for Disease Control (CDC).

Instead, as the authors of a new article in Science explain, we got “big data hubris.” David Lazer and colleagues explain that:
“Big data hubris” is the often implicit assumption that big data are a substitute for, rather than a supplement to, traditional data collection and analysis.

The problem is that most people don’t know what “the flu” is, and relying on Google searches by people who may be utterly ignorant about the flu does not produce useful information. Or to put it another way, a huge collection of misinformation cannot produce a small gem of true information. Like it or not, a big pile of dreck can only produce more dreck. GIGO, as they say.

Google’s scientist first announced Google Flu in a Nature article in 2009. With what now seems to be a textbook definition of hubris, they wrote:
“…we can accurately estimate the current level of weekly influenza activity in each region of the United States, with a reporting lag of about one day.”

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Aspiring for a start-up?

Posted on by Teddy Nee

Aspiring for a start-up? Here are golden rules of money management

Here are some golden rules to manage your financials when you wish to begin with your own start-up:

Pre- startup phase

Startup phase

Post funding/exit

Here are some tips and tricks to go forward with:

Take insurance

Renting is better

Go debt-free

Fix the loan

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Risk Management: A Look Back at 2013 and Ahead to 2014

Posted on by Teddy Nee

Risk Management: A Look Back at 2013 and Ahead to 2014

According to Yo Delmar, vice president of MetricStream, 2013 has been witness to extraordinary change. We are living and doing business in an increasingly global, mobile, social and Big Data world, fraught with new risks and complex regulations. As such, individuals and organizations are struggling to keep pace.

In response to greater uncertainty, complexity and volatility throughout 2013, we’ve seen increased convergence and alignment amongst internal teams, including IT, security and the business. As a result, organizations are better poised to provide the context for communicating risks. We’ve also seen the business ecosystem evolve to include geographically diverse vendors and third parties, and as a result, organizations must continue to view these entities as part of the organization itself, and manage them in a more tightly and integrated way.

Growing convergence among IT, security and the business: The landscape of risk and compliance continues to evolve, as organizations are asked to manage their IT risk and compliance activities far beyond that of basic audit and compliance requirements of the past. As new technologies bring their own set of unique risks, there is a growing disconnect among internal audit, security, compliance and the business on what it means to build, manage and lead a truly safe, secure and successful business.

As a result, we are seeing more focused efforts when it comes to getting these groups on the same page by building a common risk language, as well as a discussion framework to enable cross-functional collaboration. Doing so can set the context for communicating risks in a way that drives more effective governance and decision-making across the board of directors, executive management team and each respective business function.

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Using Performance Management to Motivate a Disaffected Team

Posted on by Teddy Nee

Using Performance Management to Motivate a Disaffected Team

If you’re in charge of a team, you’ll appreciate that they’re rather tricky animals. At times, all appears well, but you’re achieving little. At other times, you’re reaching your targets, but there’s unhappiness and resentment. If your team has become disaffected, then it’s time to rely on performance management to set people straight again. Following a four-step program should ensure success.

Investigate

It’s vital to establish why a team is disaffected. Usually, it’s related to performance – of the entire team or of an individual. The cause may be that the wrong objectives have been set. Perhaps your team members feel their objectives are not achievable or not realistic? Performance management will help you to review these targets.

Implement Performance Management

Performance management works best when there is an atmosphere of honesty and openness. Try to encourage this in your people. Clear objectives also need to be set. Ensure they are SMARTER (specific, measurable, attainable, relevant, time-bound, evaluated and re-evaluated). This useful mnemonic was developed from George T. Doran’s comments in Management Review and has been in use ever since.

Set Goals

Ensure that any targets are clearly aligned to your company’s objectives. The work that your teams carry out should be considered within the work of the company as a whole. Make this as explicit as possible. Your employees need to know that their work matters and has relevancy within the company.

Praise

As soon as objectives are met, ensure you praise, reward and promote. Your team members must see that you, too, have an eye on their targets. The promise of promotion is a real motivator.

Appreciation and motivation are one of the keys to increase performance, and to align any targets to company’s objectives. If you have any opinion about this topic, feel free to leave us a comment or send us a message.

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Financial literacy education has real-life impact

Posted on by Teddy Nee

Financial literacy education has real-life impact

While the Great Recession put many Americans through a financial wringer, it has left at least one positive legacy, hopefully with long-term consequences: a renewed focus on financial literacy education that has united teachers, school districts and businesses in a commitment to curriculum, training and resources.

Financial literacy education advocates interviewed by USA TODAY all mentioned the financial crisis as the pocket-emptying influence behind the country’s increased attention on personal finance lessons in school.

“The American public felt they were a little bit in the dark and really didn’t understand the decisions they were making or not making,” says Nan Morrison, president of the Council for Economic Education, whose biennial Survey of the States measures financial literacy education implementation across the country. “The recession really put a fine point on that.”

Educators decided to try to do something to prepare the next generation of America’s earners.

“We look at things like this and translate them into education practice,” says Lynne Gilli, program manager for career and technology education instruction and head of financial literacy education for the Maryland State Department of Education. “We don’t want to repeat the mistakes of the past.”

What do you think about “Financial Literacy”? Let us know your opinion in the comment or send us a message.

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The Beer Game

Posted on by Teddy Nee

The Beer Game

A rite of passage for new Sloan MBA students provides lessons in systems thinking.

Thursday, August 29, 1:00 p.m.
It is a miserably muggy afternoon in Cambridge as the incoming class of the MIT Sloan School of Management—roughly 400 students from 41 countries—files into a second-floor ballroom at the Kendall Square Marriott. They are here to play the Beer Game, a Sloan orientation tradition. Unfortunately given the weather, the Beer Game does not involve drinking cool beverages.

“There is no actual beer in the Beer Game,” says John Sterman, the Sloan professor who is overseeing the proceedings for the 25th consecutive year.

Rather, the Beer Game is a table game, developed in the late 1950s by digital computing pioneer and Sloan professor Jay Forrester, SM ’45. Played with pen, paper, printed plastic tablecloths, and poker chips, it simulates the supply chain of the beer industry. In so doing, it illuminates aspects of system dynamics, a signature mode of MIT thought: it illustrates the nonlinear complexities of supply chains and the way individuals are circumscribed by the systems in which they act.

All that will be explained in a class-wide debriefing Sterman will conduct after the game. For now, it’s game on, and as a writer for MIT News, I’ve been invited by Sterman to play this year. I go to one of the 47 tables where students are randomly seating themselves in teams of eight, introduce myself to my seven teammates (MBA candidates from India, Peru, and the United States), and listen to Sterman explain the rules.

Beer game simulates the reality of supply chain management. If you are interested in knowing more about supply chain management, feel free to contactus.

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Five economic lessons from Sweden, the rock star of the recovery

Posted on by Teddy Nee

Five economic lessons from Sweden, the rock star of the recovery

Almost every developed nation in the world was walloped by the financial crisis, their economies paralyzed, their prospects for the future muddied.

And then there’s Sweden, the rock star of the recovery.

This Scandinavian nation of 9 million people has accomplished what the United States, Britain and Japan can only dream of: Growing rapidly, creating jobs and gaining a competitive edge. The banks are lending, the housing market booming. The budget is balanced.

Sweden was far from immune to the global downturn of 2008-09. But unlike other countries, it is bouncing back. Its 5.5 percent growth rate last year trounces the 2.8 percent expansion in the United States and was stronger than any other developed nation in Europe. And compared with the United States, unemployment peaked lower (around 9 percent, compared with 10 percent) and has come down faster (it now stands near 7 percent, compared with 9 percent in the U.S.).

Sweden has proven to the world that they survived from the crisis in a short time. If you are interested in learning more about financial management, feel free to contactus.