we use to analyse them. “Torture the data, and it will confess to anything.” – Ronald Coase 6. William James, Statistics show from his novel “Don Quixote”. I called another agency. I was in the midst of sizing the mobile handset markets in 3 regions: US, Europe and Asia. Explore our collection of motivational and famous quotes by authors you know and love. are much less Related Topics: More Math Jokes, Math Quotes and Games Statistics "42.7% of all statistics are made up on the spot." I told this story to every consultant I knew at the time. So did the super bright consultants at McKinsey, Bain and BCG. Peer review is especially valuable for picking up on any issues that may have inadvertently arisen with the research methods or results. Statistics Numbers Quotes. But what worries me much more is skewed data. Stats sell. By a small sample, I’m not picking on them. They were as hoodwinked as everybody was. for judgement. I started my life as a consultant. made-up quotes,made-up, keyword, keywords. but statistics are pliable. My boss told me to look at the growth rate average over the past 3 years an increase it by 2% because mobile penetration is increasing.” There you go. In 1999 I was in Japan doing a strategy project for the board of directors of Sony. The bankers and consultants weren’t paid to do too much primary research. And be careful not to believe your own hype. And be careful that you don’t spin the numbers for so long and so hard that you can’t separate out marketing estimates from reality. So you end up with superlative amplification. but statistics are more pliable. Statistics Done Wrong: The Woefully Complete Guide. nothing is more certain And How Do You Prioritize? They had come up with a CAGR (compounded annual growth rate) that was 3% higher that the other report, which in a few years makes a huge difference. - what motives might these people have had? I said, “So you interviewed the people to get a plausible story line and then just did a simple estimation of the numbers going forward?”, Me, sarcastically, “And you had to show higher growth because nobody buys reports that just show that next year the same thing is going to happen that happened last year?” Her, “um, basically.”, “For real?” “Well, yeah, we know it’s going to grow faster but nobody can be sure by how much.” Me, “And I suppose you don’t have a degree in econometrics or statistics?” Her, “No.”. Why Has Seed Investing Declined? Statistics show that of those who contract the habit of eating, very few survive. What are you on about? Being the number one investment bank in a greatly reduced data set shouldn’t stop you from wanting to broaden the definition of “number 1” next year. They are more like witty, stand-up one-liners but I enjoyed them a lot. They, too, were staffed with super smart twenty somethings. better known by his pen name Mark Twain, We must be careful - Laurence J. Peter Related topics: Cute Whimsey Cynical There are three types of lies- lies, damn lies, and statistics. The quotes about Statistics Adam Levine. We use words to encompass history, to describe the natural universe, and even to conjure realistic visions of things that exist only in fantasy. That's very rude," Myrnin said. There are aspects of statistics other than it being intellectually difficult that are barriers to learning. Statistics Quotes (157 quotes) Statistic Quotes, Statistically Quotes, Statistical Quotes ... Statistics are far from being the barren array of figures ingeniously and laboriously combined into columns and tables, ... Statistics can be made to prove anything—even the truth. In statistics, what disappears behind rows of numbers is death. “Big data isn’t about bits, it’s about talent.” – … It’s taking flawed data and making it more extreme. I grilled the analyst a bit. 23% of all costs are inefficient. Reinhart, Alex (2015). I know it sounds like I’m making this sh*t up but I’m not. -- Steven Wright "Five out of four people have trouble with fractions." Words can uphold the truth or nurture a lie. People then parrot them around like they’re fact when most of them are complete bullsh*t. People throw them around at cocktail parties. Larry Lorenzoni Cognitive psychology tells us that the unaided human mind is vulnerable to many fallacies and illusions because of its reliance on its memory for vivid anecdotes rather than systematic statistics. I got the analyst who wrote one of the reports on the phone and asked how he got his projections. It is very common for firms (from small ones to prestigious ones) to take data and use it conveniently to make the point that that want to make. Statistics aren’t evil. - and the important thing about data for me … I ingest it religiously. Normal is enormously susceptible to swinging with the gusts of politics and history. Every investment banker I know is “number 1” in something. The stats are often quoted from the latest reports. I encourage it. I had reports from Gartner Group, Yankee Group, IDC, Goldman Sachs, Morgan Stanley and a couple of others. There are two ways of lying. Explore our collection of motivational and famous quotes by authors you know and love. was it inclusive enough? 18% of all errors come from people using the wrong documents. ;-) But for my sins I got an MBA and did “strategy” consulting. The problem got worse as the data flowed out to the “bulge bracket” investment banks. How Many Investors Should You Talk to in a VC Fund Raise? Votes: 2. So, where is this all coming from, Mark? “No great marketing decisions have ever been made on qualitative data.” – John Sculley 5. who contract the habit of eating, If the statistics are boring, then you've got the wrong numbers. made up definition: 1. wearing make-up: 2. There are no Shortcuts: Why Showing up In Person is Everything, A Deep Dive into What Has Really Changed in Venture Capital. that of those I wish it ended there. And don’t forget to include information on how to cite an infographic, when you use one on your website so if it gets shared, it drives traffic back to you. Quotations about Statistics Related Quotes Mathematics Science Business Advertising. Famous Quotes about Statistics To call in the statistician after the experiment is done may be no more than asking him to perform a post-mortem examination: he may be … People then parrot them around like they’re fact when most of them are complete bullsh*t. People throw them around at cocktail parties. See no evil, Hear no evil, Speak no evil. Statistics are no substitute This saying means that statistics can be used for very wrong purposes and the persuasive power of numbers can assist to strengthen weak arguments. ~Paul Brodeur, Outrageous Misconduct Facts are stubborn things, but statistics are more pliable. That doesn’t happen? Statistics can be made to prove anything - even the truth. A made-up story or report has been invented and is untrue: 3. very happy…. not to confuse data $\begingroup$ "Far better an approximate answer to the right question, which is often vague, than an exact answer to the wrong question, which can always be … And this data subtly sinks into the psyche of your company. very few survive. than a single life, They just define their category tightly enough that they win it. Elizur Wright, Facts are stubborn things, There are two kinds of statistics, the kind you look up and the kind you make up. Charles Babbage, While nothing is more uncertain What Should You Send a VC Before Your Meeting. "I haven't brought my fangs our for some time. Ask yourself the obvious questions: - who did the primary research on this analysis? I found this list of quotes from Gelman's famous Bayesian Data Analysis book on this link. I’m shocked, shocked to find that gambling is going on here. How Much Should You Raise in Your VC Round? - Joseph Addison. I have seen this so many times I consider it routine, which is why I question ALL data that I read. - There are malicious data such as on Yelp where you might have a competitor that types in bad results on your survey to bring you down or maliciously positive like on the Salesforce.com AppExchange where you get your friends to rate your app 5 out of 5 so you can drive your score up. how big was it? This type of statistical error is known as “selective bias.”, - Also common, you look at a large data set of questions asked about consumer preferences. Miguel de Cervantes, It’s already changed the way most businesses and governments think and operate. Unless it’s a major publication there’s no time to fact check data in a report. But these people went to slightly better schools (Harvard, Stanford, Wharton, University of Chicago) and got slightly better grades. It’s strange to me to think that customers with years of experience would ever listen to twenty-something smarties from great MBA’s who have never worked in your industry before — but that’s a different story. The stats are often quoted from the latest reports. Or as Mark Twain popularized the quote most attributed to the Prime Minister of Great Britain, Benjamin Disraeli, “there are three kinds of lies: lies, damn lies and statistics.” The quote is meant to highlight the deceiving but persuasive power of numbers. Samuel Langhorne Clemens, In order to pass the CAPTCHA please enable JavaScript, (1547 – 1616; Spanish novelist, poet and playwright), (1835 – 1910, American author and humourist), (1842 – 1910, American philosopher and psychologist), Collage of Shutterstock images; Foreground: Mettus, Background: kentoh, 50 Inspiring & Thoughtprovoking Worry & Anxiety Quotes, Grief & Loss – 50 Remarkable Quotes for Comfort, Peace & Relief. People then parrot them around like they’re fact when most of them are complete bullsh*t. People throw them around at cocktail parties. Henry Clay, Sr. Statistics: Made up facts and misleading numbers. - Also common is that the survey itself asks questions in a way that leads the responder to a specific answer. Numbers are important. Nielsen just released the number last month.”. I always try to think to myself, “what would the opposing side of this data analysis use to argue its weaknesses?”. We do not grow absolutely, chronologically. So they took 3 reports, read them, put them into their own spreadsheet, made fancier graphs, had professional PowerPoint departments make killer pages and then at the bottom of the graph they typed, “Research Company Data and Consulting Company Analysis” (fill in brand names) or some derivative. 13% of GDP is construction — the largest industry. In data analysis you want to look for “primary” research, which means the person who initially gathered the data. How is it skewed? Data Quotes: The Future of Data. Facts are stubborn things, but statistics are more pliable. Statistics show that the people who have the most live the longest. Then the data got amplified. - who paid them? “The world, we are told, was made especially for man — a presumption not supported by all the facts.” ― John Muir, A Thousand-Mile Walk to the Gulf tags: facts , presumption , superstition , universe It looks like there hasn't been any additional information added to this quote yet. — Edward R. Tufte. 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