The Best Approach To Decision Making Combines Data And Managers’ Expertise

Agent-Based Simulation (ABS) is a novel approach to solving complex business problems through computer simulations. ABS combines domain expertise and data to define the structure of the simulation, and to refine the details of the simulation. Data is now the critical tool for managing many corporate functions, but the “big data, little brain” phenomenon is a concern, as managers may rely excessively on data to guide their decisions. To address this dichotomy, individuals who can serve as liaisons between data science and business expertise are needed.