......is that you need to understand a lot more than how to add.
I am always surprised by the jolt it gives you when you look at the numbers and realize, "I missed something here. This is wrong. Or, I am using this to prove something that was not the focus of the original statistic.
Take for example COVID-19 stats that are being published in reams every day. Where do you start? What do they mean? Does it tell us where we are headed? How bad is it?
A lot of "excess death" statistics are being published now. CDC data.....
The stats are provisional. check the footnotes
*Data during this period are incomplete because of the lag in time between when the death occurred and when the death certificate is completed, submitted to NCHS and processed for reporting purposes. This delay can range from 1 week to 8 weeks or more, depending on the jurisdiction and cause of death.
https://www.cdc.gov/nchs/nvss/vsrr/covid19/index.htm
https://www.cdc.gov/nchs/nvss/vsrr/covid19/index.htm
Neglecting to drill down gives you things like this:
Other examples are crop reports, harvest yield reports etc. Statistics are open to revision and even interpretation. Garbage in - Garbage out, Take it with a grain of salt and of course Lies, damn lies and statistics come to mind....
More and more it seems we are making decisions based on news and reports with statistics attached. Which new variety to try, which bull to buy, how much canola to sell, where should I invest. Due diligence has never been more important....
I am always surprised by the jolt it gives you when you look at the numbers and realize, "I missed something here. This is wrong. Or, I am using this to prove something that was not the focus of the original statistic.
Take for example COVID-19 stats that are being published in reams every day. Where do you start? What do they mean? Does it tell us where we are headed? How bad is it?
A lot of "excess death" statistics are being published now. CDC data.....
The stats are provisional. check the footnotes
*Data during this period are incomplete because of the lag in time between when the death occurred and when the death certificate is completed, submitted to NCHS and processed for reporting purposes. This delay can range from 1 week to 8 weeks or more, depending on the jurisdiction and cause of death.
https://www.cdc.gov/nchs/nvss/vsrr/covid19/index.htm
https://www.cdc.gov/nchs/nvss/vsrr/covid19/index.htm
Neglecting to drill down gives you things like this:
Other examples are crop reports, harvest yield reports etc. Statistics are open to revision and even interpretation. Garbage in - Garbage out, Take it with a grain of salt and of course Lies, damn lies and statistics come to mind....
More and more it seems we are making decisions based on news and reports with statistics attached. Which new variety to try, which bull to buy, how much canola to sell, where should I invest. Due diligence has never been more important....
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