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How to avoid expensive wrong decisions based on data - Because every month counts

03/06/2024 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Be careful when selecting your data sources. Make sure your data sources are reliable and up-to-date.

2. Use a combination of quantitative and qualitative data. Quantitative data can lead to a quick and easy decision, but qualitative data can lead to deeper insights and a better decision.

3. Understand your data. Make sure you understand the meaning and source of all the data you use.

4. Avoid overlooking exceptions. Make sure you consider special cases or exceptions that may not be present in your data.

5. Avoid overlooking trends. Make sure you identify and interpret trends that emerge from your data.

6. Avoid over-interpreting your data. Be cautious in your interpretations and seek a second opinion before making a decision.

7. Be aware of the costs. Calculate in advance the costs associated with a decision and make sure you can afford them.

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