BUS607: Data-Driven Decision-Making

Data-driven decision-making ($D^3$M) is often confronted by the problem of uncertainty or unknown dynamics in streaming data. To provide real-time accurate decision solutions, the systems have to promptly address changes in data distribution in streaming data – a phenomenon known as concept drift. Past data patterns may not be relevant to new data when a data stream experiences significant drift, thus to continue using models based on past data will lead to poor prediction and poor decision outcomes. This position paper discusses the basic framework and prevailing techniques in streaming type big data and concept drift for $D^3$M. The study first establishes a technical framework for real-time $D^3$M under concept drift and details the characteristics of high-volume streaming data. The main methodologies and approaches for detecting concept drift and supporting $D^3$M are highlighted and presented. Lastly, further research directions, related methods and procedures for using streaming data to support decision-making in concept drift environments are identified. We hope the observations in this paper could support researchers and professionals to better understand the fundamentals and research directions of $D^3$M in streamed big data environments.

Source: Jie Lu, Anjin Liu, Yiliao Song, and Guangquan Zhang, https://link.springer.com/article/10.1007/s40747-019-00124-4#Abs1
This work is licensed under a Creative Commons Attribution 4.0 License.