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Predicting the Future

In: From Big Data to Intelligent Data

Author

Listed:
  • Fady A. Harfoush

    (Loyola University Chicago)

Abstract

Predicting the future is like reading a crystal ball or going to a fortune teller. There are no guarantees, only possibilities. As once said “the best way to predict your future is to create it” a quote attributed to Abraham Lincoln. If we can predict the future with absolute certainty, then it is not the future anymore. In the big data competitive game, it is not about being correct, it is about being better than the rest. In reporting the possibilities and the actionable insights, the smart presentation of data and results play a significant role. Machine learning and artificial intelligence are commonly associated with predictive analytics. The results from any modeling or analytics are as good as the data are. Any bias in the data will be embedded in the models, and we risk creating a self-fulfilled prophecy based on our own bias and views of the world. As much as many tasks will be automated by AI, many new tasks will be created, and some will be hard to automate like design thinking and visual modeling.

Suggested Citation

  • Fady A. Harfoush, 2021. "Predicting the Future," Management for Professionals, in: From Big Data to Intelligent Data, chapter 5, pages 63-80, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-030-76990-1_5
    DOI: 10.1007/978-3-030-76990-1_5
    as

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