Beautiful reflections about Data Analytics

Beautiful reflections about Data Analytics

  • “In our work with dozens of companies in six data rich industries, we have found that fully exploiting data and analytics requires three mutually supportive capabilities… First, companies must be able to identify, combine, and manage multiple sources of data. Second, they need the capability to build advanced analytics models for predicting and optimizing outcomes. Third, and most critical, management must possess the muscle to transform the organization so that the data and models actually yield better decisions.” Making Advanced Analytics Work For You A practical guide to capitalizing on big data by Dominic Barton and David Court Harvard Business Review October 2012 pp 78-83

Traps in Reason and Intuition

  • “The Confirming-Evidence Trap: You’d better not let that conversation be the clincher, because you’ve probably just fallen victim to the confirming evidence bias. This bias leads us to seek out information that supports our existing instinct or point of view while avoiding information that contradicts it.
  • The Estimating and Forecasting: Traps Making estimates or forecasts about uncertain events, however, is a different matter. While managers continually make such estimates and forecasts, they rarely get clear feedback about their accuracy.” John S. Hammond, Ralph L. Keeney, and Howard Raiffa The Hidden Traps in Decision Making Harvard Business Review January 2006
  • “The problem is that most companies are not succeeding in turning data into knowledge and then results. Even those that do, are doing so only temporarily or in a limited area” Thomas H. Davenport, Jeanne G. Harris. David W. De Long, Alvin L. Jacobson, Data to Knowledge to Results: Building An Analytic Capability California Management Review Vol 43, No. 2 Winter 2001

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