Herds of statistical models

Big datasets found in statistical practice often have a rich structure. Most traditional methods, including their modern counterparts, fail to efficiently use the information contained in them. Here we propose and discuss an alternative modelling strategy based on herds of simple models. Big Data: How big datasets came to be Data has not always been big. Classical datasets such as the famous Anderson’s iris dataset, were often small. Many of the best known statistical methods do also deal with the problems posed by data scarcity rather than data abundance.