“The real problem is to be able to do planning under uncertainty”
Sen urged us all to account for variance in our data analysis (with a quick nod to recent election results!). As a simulation specialist my life is dealing with variance and it amazes me how little recognition of variance there is, or when it recognized how often this is used as justification for lack of planning. Planning under volatile conditions is difficult but can be done.
Mayo clinic provided a perfect example of this in their Wagner talk yesterday where they reduced volatility in ED patient volume with better staff shift patterns mapped to demand. Mayo decreased waiting time even though patient arrivals increased by 20% with no increase in staffing.
Volatility, planning under uncertainty this is where ORMS adds unique value to the analytics world. ORMS provides the final missing v………. value, and after all that is the true definition of big data, getting value from your information assets.