Big Data vs Monte Carlo: enabling better decision-making
What's best for enabling better project decisions: big data predictive analytics or Monte-Carlo simulation? I attended an APM Event to this effect, presented by Dr Nira Chamberlain, Principal Consultant for Data Science and Mathematical Modelling, Babcock Analytic Solutions. The presenter concluded that both of these tools are useful, providing that best practice is adhered to when they are used. I left feeling unclear, given that the majority of the audience felt the concept of ‘Big Data’ was new.