Why predicition is important for decision-making

Prediction is a part of the decision-making process, but it has little value on its own. Prediction accompanied with judgment and action will help you carrying out the task that you have set out to solve. Artificial intelligence (AI) is lowering the cost of prediction, making way for much better and faster predictions.

Avi Goldfarb is the Rotman Chair in Artificial Intelligence and Healthcare and Professor of Marketing at Rotman School of Management in Toronto. He is also Chief Data Scientist at the Creative Destruction Lab and co-author of the best-selling book Prediction Machines: The Simple Economics of Artificial Intelligence.