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Mathematical underpinnings of Analytics (theory and applications)

Posted in Books, Statistics, University life with tags , , , , , , , , , , , , , , , on September 25, 2015 by xi'an

“Today, a week or two spent reading Jaynes’ book can be a life-changing experience.” (p.8)

I received this book by Peter Grindrod, Mathematical underpinnings of Analytics (theory and applications), from Oxford University Press, quite a while ago. (Not that long ago since the book got published in 2015.) As a book for review for CHANCE. And let it sit on my desk and in my travel bag for the same while as it was unclear to me that it was connected with Statistics and CHANCE. What is [are?!] analytics?! I did not find much of a definition of analytics when I at last opened the book, and even less mentions of statistics or machine-learning, but Wikipedia told me the following:

“Analytics is a multidimensional discipline. There is extensive use of mathematics and statistics, the use of descriptive techniques and predictive models to gain valuable knowledge from data—data analysis. The insights from data are used to recommend action or to guide decision making rooted in business context. Thus, analytics is not so much concerned with individual analyses or analysis steps, but with the entire methodology.”

Barring the absurdity of speaking of a “multidimensional discipline” [and even worse of linking with the mathematical notion of dimension!], this tells me analytics is a mix of data analysis and decision making. Hence relying on (some) statistics. Fine.

“Perhaps in ten years, time, the mathematics of behavioural analytics will be common place: every mathematics department will be doing some of it.”(p.10)

First, and to start with some positive words (!), a book that quotes both Friedrich Nietzsche and Patti Smith cannot get everything wrong! (Of course, including a most likely apocryphal quote from the now late Yogi Berra does not partake from this category!) Second, from a general perspective, I feel the book meanders its way through chapters towards a higher level of statistical consciousness, from graphs to clustering, to hidden Markov models, without precisely mentioning statistics or statistical model, while insisting very much upon Bayesian procedures and Bayesian thinking. Overall, I can relate to most items mentioned in Peter Grindrod’s book, but mostly by first reconstructing the notions behind. While I personally appreciate the distanced and often ironic tone of the book, reflecting upon the author’s experience in retail modelling, I am thus wondering at which audience Mathematical underpinnings of Analytics aims, for a practitioner would have a hard time jumping the gap between the concepts exposed therein and one’s practice, while a theoretician would require more formal and deeper entries on the topics broached by the book. I just doubt this entry will be enough to lead maths departments to adopt behavioural analytics as part of their curriculum… Continue reading