Need for cutting edge statistical modelling for business analytics

Abstract

Routine statistical modelling seems out of sync with business reality. It does not meet the rigours of efficient modelling in a competitive environment. Cutting-edge data mining methods with new modelling technologies are opening up new opportunities for statisticians in business analytics. The superiority of this new modelling approach over the existing, however, has to be firmly established with a focus on relevance and scientific credibility, which is the aim of this paper.