Dr. Steven Levitt’s (Indiana Jones of economics & Author of Freakonomics) work involves finding insights from data. In the keynote, he shared some of the interesting & fun insights that he found from data.
One Example: Dr. Levitt: According to the data, It was 7 times more dangerous to sell crack in Chicago than it was being in combat in Iraq. https://twitter.com/markvsql/status/322707949158006786
He also talked about other insights that he found which could also be found in his book Freakonomics. After getting audience fascinated about what analyzing data can do – he moved to his real world experiences of analyzing data for businesses. And tied all these fascinating insights back to some tips he had for the audience. Here is a brief recap of the tips he shared:
> “Ideas don’t come out of the blue. Almost always ideas come out of the data” – Dr. Steven Levitt
> “You guys are the future. What you’re doing is the key to a business’ success or failure.”
> Experiment & Test Hypothesis using DATA
> Misconceptions can cripple you. Let the data speak, even when it might be difficult
> Most important people = who understand and know what to do with data, not those who pretend they know the answer.
> Dr. Levitt: without data any biz will be left behind, must experiment and accept failure
*Above text is linked to tweets.
That’s about it for this post. What do you think about the tips that Dr Levitt shared?