Armed with big data analytics, businesses now have the power to detect and act in very precise ways. But if a business is measuring the wrong piece of data — or measuring the right piece of data in the wrong way – then any machine learning models built on those metrics can lead the business astray.
There are all sorts of cognitive traps just waiting to swallow up unsuspecting big data practitioners. There’s the danger of group think, where safety is presumed to exist by doing what many other do. There’s loss aversion, which is the tendency to favor inactivity over activity. And of course there’s the infamous data snooping bias, where humans tend to see patterns in random plots of data.
Author: Alex Woodie