Interesting analysis on the challenges of BigData and Statistical Analysis. BigData has big value promised to us but we need to be careful with not making the same model mistakes that almost destroyed the financial world in 2008. This requires good data scientists understanding both the power and the limitations of the statistical models they build which is not a simple challenge.
Going to the right people, like Carla Gentry from Analytical Solutions to get insight on what you need to do and how in order to deliver the business value is a must. Back-test regularly, challenge the conclusions, in other terms: manage the magic of BigData like you manage other predictive or decision making activities.
Another important aspect of BigData – and in general Business Intelligence projects – is to make sure you are conveying a message and not just numbers, words and graphs. Showing the details is important but the message is even more important.
By David Alvarez