Thursday, January 17, 2013

Good Data Does Not Guarantee Good Decisions

According to Shvetank Shah, Andrew Horne, and Jaime Capellá in Harvard Business Review (2012):
Analytic skills are concentrated in too few employees. When a new form of analytics enters the workplace, companies typically start by hiring experts versed in using it, reasoning that the skills will trickle down to all. But too many companies are stuck in the “expert” phase. They have a handful of highly skilled analytics professionals but have not begun to train everyone else to make use of their analytics methodology.
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Let's face it, the world needs more fully qualified data analysts in all fields. Those entering college should not hesitate to undertake degrees in business-related analytical disciplines, including actuarial science, finance, accounting, statistics, and risk analysis. Go for it!

Source: Shah, S; Horne, A; & Capellá, J (2012, April), Good Data Won't Guarantee Good Decisions, Harvard Business Review.

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