The work of Daniel Kahneman, Richard Thaler and Dan Ariely have inspired many of the the frameworks we at Xabit. In this post, we share 3 books that we think are essential reads for anyone trying to do the same.
The Analyst’s dilemma is this: On the one hand, our brains are wired to rationalise the reasons for the current state of affairs all the time. We think “You can’t manage what you can’t measure” is a not a quote by a fellow analyst but rather gospel. On the other, 43% of Analysts [in the workforce] say they would be better than their boss at their boss’s job, which is classic Dunning–Kruger Effect at play. The boss is the boss, and we’re not them, for a reason, right?
The world around us is too vast and unpredictable for us to fully comprehend its complexity. To try and make sense of the complexity, our minds often rely on shortcuts and heuristics to make sense of complex information. Understanding the role of probability, and how our minds can be mislead in the face of it, is crucial in making better decisions.
Human behavior can completely derail your data modeling efforts, no matter how advanced your model or skilled your team. Understanding and accepting this unpredictability is the key to making better decisions. Learn why human behavior is the X-factor in data modeling, and how it can impact even the most sophisticated models.