Financial Times – Big Data: Are We Making a Big Mistake

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Very insightful  Financial Times article ‘Big Data:  Are We Making a Big Mistake’ about the perils of repeating statistical mistakes and ignoring statistical lessons.  The article is worth reading, as he is right on multiple dimensions, specifically the necessity to be mindful of sampling errors, sampling bias, setting N = All false positives, and multiple-comparison problems.  He provides several interesting examples of statistical mistakes with Big Data.

Mr. Hartford sagely notes that “but while big data promise much to scientists, entrepreneurs and governments, they are doomed to disappoint us if we ignore some very familiar statistical lessons.

Written by Tim Harford, author of ‘The Undercover Economist Strikes Back’,

To read this excellent article on the Financial Times web site, click here.

By Nick Mavrick

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