There is a difference between accuracy and precision,

accuracy gets you to the general results,

and precision lets you cut diamonds.

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More often than not,

your business needs to find the target,

not cut diamonds

 

Over my career, I have never seen a perfect business data dataset, always some type of fringe case or missing insight, too often that has been the reason decisions were not made.

 

To remove this swirl,

it takes a top-down approach,

 

If you got a 60%, or a 65% on your test,

do you make a different decision?

 

There are times for us to cull perfect data for

compliance and regulatory reasons,

but for now,

we focus on business data.

 

You must make decisions based on accurate data,

but it does not need to be precise.

 

Journey to precision data-driven decision making:

1. Agree upon the error threshold you are okay

with as you progress your data culture

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2. Drive for precision to your North Stat Metrics and Accuracy to KPIs

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3. Overtime reduce the error threshold and

shift to precision across the entire business