So all well and good: it is not surprising that Pfizer is
investing in clever analytics to carry out its business better.
But the thing that struck me was the senior manager
talking about their strategy said (refreshingly I thought) that they were not overly
concerned about precision. His view was that since the data is all about
helping them manage the future, and the future is fairly fuzzy place, spending
endless resources on getting numbers to three decimal points was... pointless.
Also this week, I saw a fascinating graph in the
Financial Times which showed just how wrong the Monetary Policy Committee has
been about its predictions for the consumer prices index (which stands at 5.2%
- near a 20 year high).
All this got me to thinking about precision and spurious
data. For me one of the places this often crops up is with 350 feedback tools -
where people are told they have scored 3.6 on some competency against an
average of 4.1. Naturally people want to know if this is significant or not -
and as I know a little about stats - I have to say that I have no idea - as the
full data is not there.
So, as a leader, how much spurious data are you forced to
read - or indeed how much do you create?
(and yes I have left in the 350 degree feedback just to
annoy you...!)
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