If you think that you saw something interesting, you need evidence to prove that it isn’t a one-off occurrence.
I have a lucky hand, and recently, I have been winning a lot. Every number I bet turns out to be the winning number on a roulette wheel. Have I discovered something interesting? What are the chances that I just got randomly lucky with all my recent wins, while assuming that I am as much a loser as I was before?
In statistics, the p-value is the answer to that last question. Ok, now that hurt! How do I prove that…
Why testing and experimentation are key to successful business outcomes
Only three things in life are certain — death, taxes, and uncertainty.
Real life is not deterministic. It is probabilistic. If you are an executive decision maker, you might already know that. For a case-in-point, let’s compare two of the most iconic retailers who reinvented retail in America and the world: Amazon and JCPenney. While Amazon is reaching unbelievable heights every quarter, JCPenney is languishing at the bottom of a bankruptcy barrel. How did it all come down to this? Wasn’t JCPenney, at one point, ahead…
“The use of modeling or other projections always describes a range of possibilities … they’re not actual crystal balls or real numbers”
- Dr. Theresa Tam, Canada’s Chief Public Health Officer
Range of possibilities! I can’t agree more. Let’s look at Dr. Tam’s statement with more context.
It’s the morning of April 1, and the media is wrapping its head around seemingly horrifying news.
I can tell you where to look, but I cannot tell you what to see.
So, you are a Data Scientist. Congratulations! Your new job title is the “sexiest job of the 21st century”. You are definitely doing something right that others are not. Why else would your skills be in high demand? Why else would you earn an enviable paycheck? Excited for the future already? What can possibly go wrong?
So, you are a Data Scientist. Tell me more. What, exactly, are your responsibilities? Running statistical analyses on big data? Building data pipelines that scale on a distributed system…