How many times have we heard a manager or executive say “Just give me the number!”? This request smacks of frustration and conveys an unrealistic expectation. While this is slowly changing, single-point estimates are still the goal when making managerial projections at many healthcare providers today. In this post, I want to discuss an alternative approach.
Analytics in general centers on the discovery of patterns in data. These patterns can be useful in forecasting. In this post, I discuss the connection between forecasting and financial return.
Optimization is yet another important field in mathematics and engineering, with many useful real-life applications in planning and other areas. In essence, it is a mathematical approach to solving problems that have as a general goal finding the best outcome possible.