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CATONSVILLE, MD, February 24, 2015 – The Institute for Operations Research and the Management Sciences (INFORMS®), the leading professional association for professionals in advanced analytics, today announced three finalists in the competition for the UPS George D. Smith Prize, an award that recognizes excellence in preparing students to become practitioners of analytics and operations research.
UPS won’t say how much money it has invested in Orion. But management and information technology expert Thomas H. Davenport, a distinguished professor at Babson College near Boston, believes Orion is the largest deployment of operations research, and that UPS spent $200 million to $300 million to develop it, excluding many years of investments in underlying driver technology and communications infrastructure.
Operations research analyst is another high-growth job in the business sector. These data miners can be involved in everything from logistics to manufacturing, looking to enhance a company's profitability and cost efficiency. In 2013, the typical salary was pushing $75,000 annually, but analysts in New York, San Jose and San Diego often earn more than $130,000.
Capital Markets Outlook 2015: Investment in big data continues to increase, but it all means squat if there's no talent to program the tools, analyze the results, and create business value. Universities are responding by creating programs to train a generation of data scientists in technical and business capabilities.
What's the followup to predictive analytics? It's prescriptive analytics, which actually tells you the best action to take. Here are five things you need to know it.
First there was descriptive analytics, using data to describe current or past circumstances. Then came predictive analytics, analyzing data to predict a future outcome. Prescriptive analytics suggests the best option for handling that future scenario.
"Prescriptive tells you the best way to get to where you want to be," says Anne Robinson, director of supply chain analytics at Verizon Wireless and a past president of INFORMS, a society for analytics and operations research professionals. "If you want to differentiate yourself, the next step is the prescriptive tool box."