Now that I'm officially 39 years old...again...I've been around long enough to hear more than a few phrases become popular and then disappear after a few months or years. Most of them have been used in popular culture, but there have also been terms used professionally as well that are no longer groovy. One such popular term that I've been hearing a lot lately is Big Data. It seems that the term Big Data may mean different things to different people, but will we be talking about a new popular term in a few more years?
Have you ever wondered how banks make their lending decisions? Working with the Scorecard module in STATISTICA has given me quite a bit of insight into the decision-making process regarding lending in some banks. One new feature coming out in the next version of STATISTICA is Calibration Tests. This tool makes it possible for banks to test whether or not the forecast probability of default (PD) has been the PD that has actually occurred. If it has, then all is well and good. However, if the forecast PD and the realized PD are different to a large degree, a banker somewhere may need to reevaluate their lending model.
I've been at StatSoft since March, less than six months. I am more in awe of the solutions we offer and the people who create those solutions, my colleagues, on a daily basis. After more than ten years in school, if all goes as planned, I will graduate with a Ph.D. in the Research, Evaluation, Measurement and Statistics program in Educational Psychology at Oklahoma State University this Fall. Coming out of that program led me to believe that I'd be swimming pretty well alongside all the other statistical athletes