"Move Over, Big Data!
How Small, Simple Models Can Yield Big Insights"
September 8, 2014
Noon - 1 p.m. Eastern time
Free and open to all
In this talk, managers and policymakers will learn how simple mathematical models of systems can improve intuition and lead to better decisions.
Dr. Richard C. Larson will provide concrete examples from his professional research and consulting engagements, then discuss general applications to industry. He will cover:
- Flaws of averages—what they are and how to avoid them;
- Square root laws—how to apply them to locating facilities and more;
- Singularities—why and how managers of service systems must schedule idle time for servers or face huge waiting lines (aka the "elbow effect");
- Simple difference equations—how to use them to discover major system instabilities when inputs are year-to-year gross revenues;
- Going viral—how a major demography parameter can apply to exponential explosiveness in many business sectors; and
- Lateral thinking—and how it can sometimes make a problem go away.
Learn to cut to the chase, see the big picture, and stay out of the weeds!
A Q&A will follow the presentation. We invite you to join us.