The Modeller's Miscellany is a weekly bulletin of cool stuff for financial modellers. Sign up below to receive it in your inbox every Sunday.
Article // $20bn BI market vs the spreadsheet.
Kloudio recently released its 2021 Data Driven Decision Making Report, surveying more than 4,200 business professionals about the use of data and data tools in their organisations.
Book // Noise.
Doctors are more likely to order cancer screenings for patients they see early in the morning than late in the afternoon. If employers rely on only one job interview to pick a candidate from among a similarly qualified group, the chances that this candidate will indeed perform better than the others are about 56 percent to 61 percent. Somewhat better than flipping a coin, but hardly a fail-safe way to make important decisions.
These inconsistencies are all about noise, which Kahneman, Sibony and Sunstein define in their new book, "Noise" as “unwanted variability in judgments.” Whereas bias is systematic deviation, noise is random scatter. They are two different components of error in human judgement.
Many business books contain one simple idea and 100 examples. Not this one. As you might expect from the author of Thinking, Fast and Slow, Noise is systematic and worthwhile look at the sources of error in decision making. Highly recommended. Kenny.
Article // How can you tell if someone is struggling?
If any good can come out of the last year, it might be a heightened awareness of mental health in the workplace. This interactive article from the BBC will help increase your awareness of whether those around you are struggling.
Podcast // Lying in multiple dimensions.
It's hard to imagine that an audio podcast about data visualisation would be any good. After all, data visualisation is an inherently, well, visual topic. But this episode of Seth Godin's Akimbo podcast is just that. And remarkably, it's worth a listen.
Event // Speakers list taking shape for Financial Modelling Summit.
The Modeller's Miscellany Jobs
Get the Miscellany delivered to your inbox every Sunday.
No spam. No silliness. Just modelling goodness.