Why Quants Dont know Everything Research Paper Example | Topics and Well Written Essays - 750 words

Why Quants Dont know Everything - Research Paper Example According to Felix Salmon, for any discipline or industry, the rise of quants happens in four stages: Pre-disruption – Any industry is ripe for quantitative analysis wherever there may be huge amounts of data that has never been mined. There is untapped potential and realizations in the data, and what it may tell us. This prospect for quantification qualifies an industry to be in a pre-disruption stage. Disruption – After the industry has been identified for quantification, the next step is to collect and collate all the data available and start analyzing the data. This is where the algorithms start to take over. For example, the moment you start to receive targeted and personalized offers for credit cards and other financial services, solely based on computations, according to your finances and credit worthiness, instead of a relationship with your bank. This is a common phenomenon which leaves most of us wondering â€Å"How do the banks get my number and why do they think I will need a credit card, or a personal loan?† etc. Overshoot – This is when people stop thinking like people and start thinking like machines. Analytics spend hours doing calculations, forming algorithms and come up with readable, identifiable data sheets or metrics charts which can be further processed in the synthesis phase. Synthesis – It is the practice of marrying quantitative insights with old-fashioned subjective experience. Once you have the quantified data for the relevant industry, analytics would do brainstorming based on their experience with consumers as to how the stats could be applied to which consumer group and how the consumers can be identifies as prospective users of upcoming products. b) There are many industries which are not yet quantified and given a chance they can flourish with the right analysis. One of the industries which will be ripe for the next breakthrough

Extreme Importance of Alternative Energy Sources Research Paper

Extreme Importance of Alternative Energy Sources - Research Paper Example Forecasts show that coal, gas and oil supplies will last only for a few more centuries. Secondly, the use of fossil fuels poses a serious danger to the environment. The combustion of fossil fuels leads to the emission of chlorofluorocarbons, mainly carbon dioxide. This causes the ‘greenhouse effect’ which traps heat in the earth’s atmosphere, leading to global warming. The combustion of fossil fuels also causes atmospheric pollution and acidification of the environment. The environmental damage caused by oil spills in the wake of the BP oil spill in the Gulf of Mexico is fresh in minds. Likewise, nuclear power is associated with the risk of nuclear accidents, such as Chernobyl and Fukushima, and the problem of disposal of hazardous radioactive waste. As there is no sign of energy use declining in the conceivable future, the environmental impacts of energy consumption, and the depletion of energy sources, assumes grave implications. It is clear that the need for al ternative, renewable sources of energy is the need of the hour. Energy consumption shows tremendous global variation, and â€Å"about a quarter of the world's population consumes three-quarters of the world's primary energy† (UN Document). About 20% of global energy consumption is in the USA. Again, it is estimated that the U.S. is responsible for about one-fifth of all human-produced greenhouse-gas emissions. Renewable sources of energy account for only 9.3% of the total US energy consumption (EIA). In this scenario, it is evident that the need for alternative energy sources should be a high priority for the government of the United States. It is heartening to note that President Obama has declared that â€Å"I know the country that harnesses the power of clean, renewable energy will lead the global economy in the 21st century† (qtd. in Scientific American).