Why Fact Sets
Large Fact sets are required to solve the generic non-linear decision/selection problem, defined as follows:
Non-linear– There are multiple paths to multiple valid solutions (i.e. solutions depend on judgment), and the solution reached may depend on the path taken to reach it. In other words, the order in which Facts (i.e. questions) are answered may determine the sufficiency of the Fact set and the solution reached
Decision/Selection– A validated Fact set is used to decide upon a course of action or select/configure an answer, either manually by a subject matter expert or by automated means. Since multiple actions or answers may be valid, the resulting decision/selection options often have to be ranked.
The problem typically requires answers for at least 500 and up to 15,000 Facts and exists in many industries and situations, including:
· Insurance programs
· Individual health care plans
· Financial and investment programs for individuals
· Forensic and claims investigations
· Financial and operational audits
· Political campaign planning
· Military mission planning
· Large scale design requirement planning
· Environmental impact assessments
· Due diligence for corporate M&A opportunities.Next - The problems with gathering large Fact sets.........