Analytics translators wanted, algorithm vs. human, and winning with diversity.
Cognitive bias in algorithms, baseball analytics denied, and soft skills ROI.
1. Hire analytics translators → Keep data scientists happy An emerging role – what some call the Analytics Translator – is offloading burden from data scientists, while helping business executives get better value from their technology investments. A recent HBR piece explains You Don’t Have to Be a Data Scientist to Fill This Must-Have Analytics […]
Value your gut, plus the perils of decision fatigue.
1. Recognize bias → Create better algorithms Can we humans better recognize our biases before we turn the machines loose, fully automating them? Here’s a sample of recent caveats about decision-making fails: While improving some lives, we’re making others worse. Yikes. From HBR, Hiring algorithms are not neutral. If you set up your resume-screening algorithm […]
“Big E” vs. “little e” evidence, and probabilistic thinking.
1. “A gut is a personal, nontransferable attribute, which increases the value of a good one.” This classic from Harvard Business Review recaps how policy makers have historically made big decisions. It’s never just about the data. A Brief History of Decision Making. 2. A reminder to look for the nonobvious. This analysis examines differences […]
Underwriters + algorithms, avoiding bad choices, and evidence for rare illness.
1. It’s tempting to think there’s a hierarchy for data: That evidence from high-quality experiments is on top at Level 1, and other research findings follow thereafter. But even in healthcare – the gold standard for the “gold standard” – it’s not that simple, says NICE in The NICE Way: Lessons for Social Policy and […]
Algorithm reluctance, home-visit showdown, and the problem with wearables.
1. Underwriters + algorithms = Best of both worlds. We hear so much about machine automation replacing humans. But several promising applications are designed to supplement complex human knowledge and guide decisions, not replace them: Think primary care physicians, policy makers, or underwriters. Leslie Scism writes in the Wall Street Journal that AIG “pairs its […]
False dichotomy: Data-driven vs. gut-feel
Yikes, evidence-based decisions are taking on water. Decision makers still resist handing the car keys to others, even when machines make better predictions. And government agencies continue to, ahem, struggle with making evidence-based policy. — Tracy Altman, editor 1. Evidence-based home visit program loses funding. The evidence base has developed over 30+ years. Advocates for home visit programs […]
Equity crowdfunding algorithms, decision-making competitions, and statistical wild geese.
Smart decision-making is more complicated than becoming ‘data-driven’, whatever that means exactly. We know people can make better decisions if they consider relevant evidence, and that process is getting easier. But too often tech enthusiasts dismiss people’s decisions as based on gut feel, as if data will save us from ourselves. Let’s put an end to […]
ROI from evidence-based government, milking data for cows, and flu shot benefits diminishing.
1. CircleUp uses algorithm to evaluate consumer startups. Recently we wrote about #fintech startups who are challenging traditional consumer lending models. CircleUp is doing something similar to connect investors with non-tech consumer startups (food, cosmetics, recreation). It’s not yet a robo adviser for automated investing, but they do use machine learning to remove drudgery from […]
Watson isn’t thinking, business skills for data scientists, and zombie clickbait.
1. Evidence standards → Knowing what works → Pay for success Susan Urahn says we’ve reached a Tipping Point on Evidence-Based Policymaking. She explains in @Governing that 24 US governments have directed $152M to programs with an estimated $521M ROI: “an innovative and rigorous approach to policymaking: Create an inventory of currently funded programs; review […]
1. Evidence scoring → Cognitive computing → Thinking? Fantastic article comparing Sherlock Holmes to Dr. Watson – and smart analysis to cognitive computing. This must-read by Paul Levy asks if scoring evidence and ranking hypotheses are the same as thinking. 2. Data science understanding → Business relevance → Career success In HBR, Michael Li describes […]