Reflecting on Heuristics

Steve Shu Consulting

What type of risk analysis have you done? I was recently asked on Quora, “Should one use heuristics at all as they are prone to cognitive biases?” What follows are my thoughts. Heuristics usually allow people to make quicker decisions.

Hourly Workers Need Flexibility the Most, But Are Often the Least Likely to Get It

Harvard Business

For example, Northern Trust recently conducted a risk analysis and allowed many employees to become mobile workers if they agreed to work in the office at least one day a week and to work at home one day a week. molotovcoketail/Getty Images.

Make “Fairness by Design” Part of Machine Learning

Harvard Business

More recently, a study compared the commonly used crime risk analysis tool COMPAS against recidivism predictions from 400 untrained workers recruited via Amazon Mechanical Turk. patients at high versus low risk of cardiovascular disease). ” By utilizing fairness measures, in the recidivism prediction study mentioned earlier, researchers noted that existing models were heavily skewed in their risk assessments for certain groups. dlanor s./unsplash. unsplash.

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How AI Is Changing Contracts

Harvard Business

Additionally, AI contracting software can quickly assess risk in contracts (performing the risk analysis much faster than a team of lawyers) by identifying terms and clauses that are suboptimal. And it can reduce the risk of human error in contract drafting and review. For example, lawyers will spend more time in assessing risk and providing counsel, rather than in document review. CSA Images/ Color Printstock Collection/Hayon Thapaliya/Getty Images.