Mu Sigma Inc.’s Post

Making Decisions reveals Smith’s unique approach to finding success in a fast-changing and increasingly data-reliant world. The best decisions, Smith argues, rely on a combination of differing kinds of intelligence: from algorithms to intuition. This is a truth that the most successful people know: data cannot account for everything, it must be harnessed with human insight. Whatever the power of data, humans aren’t finished yet. Read more here: https://ow.ly/kWCp50QG01J

Making Decisions reveals Smith’s unique approach to finding success in a fast-changing and increasingly data-reliant world. The best decisions, Smith argues, rely on a combination of differing kinds of intelligence: from algorithms to intuition. This is a truth that the most successful people know: data cannot account for everything, it must be harnessed with human insight. Whatever the power of data, humans aren’t finished yet. Read more here: https://ow.ly/cBw850QhKV8

Today, I encountered an interesting story about the Monty Hall problem(The problem is based on a famous television show "Let's make a deal" hosted by Monty Hall in 1960-70). It surprised me how our sentiments can lead us into error, but when we apply mathematics, it becomes clear how probability can guide us toward making the right decisions. This got me thinking about the evolving landscape of decision-making in today's business world. In this era of cutthroat competition, the difference between success and failure often hinges on whether your decisions are driven by data or sentiment. Data-driven decisions have become the backbone of modern businesses. They enable organizations to draw precise conclusions and chart a course for long-term success. In a world where information is power, harnessing data effectively can mean the difference between thriving and merely surviving. So, why do we sometimes veer towards sentiment-based decisions? It's human nature. Emotions, intuition, and gut feelings can cloud our judgment. But the beauty of statistics and data is that they provide a clear path forward, free from the biases and pitfalls of sentiment. 🔍 The Monty Hall problem serves as a compelling reminder of the power of probability and the importance of relying on data for decision-making. It's a testament to how businesses today are shifting towards a more analytical and data-centric approach. 🚀 Let's embrace this data revolution. Let's make decisions that are informed, precise, and future-proof. In a world where every choice matters, let's choose data over sentiment. Check out the problem and post your comments #DataDrivenDecisions #Statistics #BusinessAnalytics #DecisionMaking #DataRevolution #BusinessInsights #DataMatters #BusinessStrategy #CompetitiveAdvantage #VLFM

Assumptions are inherently necessary in the production of #intelligence. They help fill in gaps and make sense of raw data when information is incomplete or ambiguous. However, by definition, an assumption is a belief or conclusion that is taken as true without #proof. In our latest blog: ◾ Understand the risks of #bias and how internal / external biases can be countered ◾ Avoid the drawbacks of assumptions by challenging them, and being aware of your own biases ◾ Hone #assumptions and overcome bias to ultimately produce higher-quality intelligence Read it here: https://hubs.ly/Q01-w6Kc0

Inventors, data and sensor gurus continue to respond to the wildfire crisis with powerful technology. But can humans put it to use? Kate Kapalo provides priceless insights for making tools usable... by humans. Fascinating insights from a brilliant mind. Take a listen...

The fact is, data isn't always available and is often incomplete or even misleading. When this happens, we still need to make high-quality decisions leveraging what we know and a bit of gut feeling or intuition. However, gut feeling and intuition can open leaders to different types of risk, especially when an environment is changing or unpredictable. There is a way to improve the outcomes in this situation. Gregory Lemiska and Patrick Hanck write about how stopping to consider data, even when that data isn't ideal, triggers what the late Daniel Kahneman called "System 2" thinking and how that thought process can avoid common mistakes. #data #decisionmaking #psychology #danielkahneman https://lnkd.in/eh4PJxjj

I never was a fan of the concept of generational trend but the changes technology and society have faced definitely had impact on everyone ! Read our new data dive: 'Gen Z myths vs. realities' 👉 https://lnkd.in/etqzYbPB #IpsosGenerations