Decision Making in the Absence of Ground Truth

Explore a conference talk from NDC Oslo 2021 where Gary Short delves into decision-making strategies when faced with a lack of ground truth data. Learn how traditional AI and machine learning models rely on frequentist statistics and historical observations to make predictions, and discover innovative solutions for scenarios where such data is unavailable. Follow along as Short presents a real-world case study, demonstrating how he developed a method to help a client assess risk for strategically important assets without access to relevant historical data. Gain insights into alternative approaches for making informed predictions and managing uncertainty in data-scarce environments.