Diving Into Data and its Outliers
The impact of data, analytics and information isn’t kept in a vacuum, it impacts the world around us. While we often talk about storytelling in reference to visual mediums, it is often overlooked that data, and its numbers, tell an important story.
We know data exists in excess, but it’s important that we actually digest, utilize and apply those numbers appropriately – no matter the industry, strategy, question or problem.
Homeruns as outliers
A record number of home runs were hit in the Major League Baseball regular season, yet in the postseason that doesn’t ring true. 14 of the league’s teams set franchise records for number of home runs while scoring has dropped in the MLB playoffs. So how, and why? Is this an outlier? What does the data tell us.
Whether sports or business, regression to the mean is imperative to acknowledge. What is it? Over a set of occurrences of events, extreme outcomes are likely yet followed by moderate ones. Outliers exist. But over time, as you analyze events, the average will continue to stay average – despite those outliers. But if everything is an outlier, then the paradigm has shifted.
Management by AI
AI is impacting all businesses. And our decision-making is sometimes powered by it. As machine learning and artificial intelligence are improved they’re able to more accurately assist in the management of facilities, saving building owners time and money. Can data and analytics help us better manage our building facilities? What happens if we let machines take over the economy? How else is AI and ML impacting the data you are receiving across all industries?
Learn more on this episode of Diving into Data with MarketScale Director of Analytics, TC Riley.
How can you use data to empower your decision-making? Listen now!