Decision Making and the Analytics-Driven Culture
As the field of business analytics rapidly expands to include new technologies, techniques, and deliverables (e.g., predictive and prescriptive modeling techniques, Big Graph and Big Data Analytics, etc.), stakeholders throughout the organizational strata face a significant challenge – recognizing and mitigating the effects of bias in a growing field of data and information. The means of addressing this challenge include but are not limited to the use of known statistical bias management techniques, reliance on facts, recognizing personal preferences, and avoiding overreach.
Known Statistical Bias Management Techniques
Bias is a “a tendency to favor one side too much” (Thorndike Barnhart