Abstract
Rapid social, economic, and political changes are leading factors that call for a shift in the ways we respond to continual events occurring daily. Having a proactive response, rather than a reactive response, allows decision makers to detect opportunities and threats that could affect business [6]. Eliminating or mitigating an anticipated problem, or capitalizing on a forecast opportunity, can substantially improve quality of life, and prevent environmental and economic damage. Changing traffic light policies and speed limits to avoid traffic congestion, for example, will reduce carbon emissions, optimize public transportation, and improve the productivity of commuters. Similarly, adding credit cards to watch lists as a result of forecasting fraud will reduce the cost inflicted by fraudulent activities on payment processing companies and merchants, and consequently lower credit card rates.
Original language | English |
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Article number | 6901314 |
Pages (from-to) | 35-41 |
Number of pages | 7 |
Journal | IEEE Technology and Society Magazine |
Volume | 33 |
Issue number | 3 |
DOIs | |
Publication status | Published - 1 Sept 2014 |
Keywords
- Decision making
- Real-time systems
- Forecasting
- Scalability
- Economics
- Big data
- Event recognition
- Process management
ASJC Scopus subject areas
- Social Sciences(all)
- Engineering(all)