In the first episode of the Decision Intelligence Lab podcast, hosts Vijay Mehrotra and Michael Watson welcome Irv Lustig, Optimization Principal at Princeton Consultants, to discuss the Princeton 20, a framework for identifying and mitigating risk factors in AI and optimization projects.

Irv explains how the Princeton 20 can be used as a sales tool, helping clients understand and mitigate risks upfront. The conversation delves into the importance of decision scope, value proposition, process maturity, and the challenges of last-mile decision-making. Irv also shares insights on the overselling of AI projects and the significance of maintaining client confidence through effective risk management.

Chapters

00:00 - Preview, & Introductions

02:20 - The Princeton Twenty Framework Overview

3:24 - How the Princeton Twenty Is Used In Practice

7:10 - Client Perspectives on Risk Management

8:27 - Overselling in Optimization and AI Projects

11:11 - Understanding the Decision Scope (Environmental Factor 5)

16:43 - Exploring Value Proposition (Environmental Factor 7)

21:45 - Process Maturity (Technical Factor 10) and Ongoing Maintenance

25:00 - Last Mile Problems in Decision Making

30:33 - Broader Impact & Risk Tolerance

35:35 - Irv's Recommendations

Follow the show

Apple: https://podcasts.apple.com/in/podcast/the-decision-intelligence-lab/id1811085064

Spotify: https://open.spotify.com/show/0lFoAVKqJHTYSZNpeN61ou?si=0ae973aab0174b3b

Connect with guest

Irv Lustig: https://www.linkedin.com/in/irv-lustig/

Princeton 20: https://princetonoptimization.com/ai-project-management/

Connect with hosts

Prof. Vijay Mehrotra (University of San Francisco): https://www.linkedin.com/in/vijay-mehrotra-ba9498/

Prof. Michael Watson (Northwestern University): https://www.linkedin.com/in/michael-watson-07600a1

About the podcast

The Decision Intelligence Lab podcast delivers real-world insights for data professionals, business leaders, and anyone seeking to leverage data & AI for smarter decision-making & successful business outcomes.

For business inquiries, email at [email protected]

Keywords

Princeton 20, AI deployment, optimization, risk management, decision making, data science, consulting, project success, value proposition, process maturity, decision science, project management, technical factors, sales tool, client engagement, cost benefit analysis, value proposition, decision scope, process maturity, machine learning, change management, agile methodology, human-in-the-loop optimization, black box optimization, business problem framing, analytics framework, certified analytics professional, project delivery, solution deployment, operational scheduling, strategic consulting, informs analytics, data integration