The World's Best Book Summaries
What is the importance of big data analytics? How powerful is big data? In Everybody Lies, Seth Stephens-Davidowitz argues that one of the powers of big data is that it allows you to zoom in on specific subsets of data. This allows new insights and new types of studies. Learn more about how important big data is to various studies.
What are the uses and limitations of regression analysis in statistics? What are some things you should keep in mind when reporting the results of regression analysis? Regression analysis is a powerful research tool as it allows researchers to isolate variables of interest. However, regression analysis can be dangerous if its results are misinterpreted or misreported. Here are a few pointers to keep in mind when interpreting regression analysis results.
What is the standard deviation in statistics? What can the standard deviation tell about a data set? The standard deviation is descriptive statistics that measures the degree of dispersion in a given data set. More specifically, standard deviation tells us how far each value is from the mean. Here’s what we can glean from the standard deviation, explained in simple terms.
What are the disadvantages of big data? At what point does data get in the way? In Everybody Lies, Seth Stephens-Davidowitz warns that good data science isn’t just a matter of amassing a giant data set. When working with data, he says it’s important to keep data’s shortcomings in mind and not lose sight of the bigger picture. Read more so you can be aware of big data’s disadvantages.
What is descriptive analysis? How do descriptive statistics help us make sense of data? What is the main pitfall of descriptive statistics as a research tool? Descriptive statistics take information in a data set and condense it into a meaningful figure like an average or percentile. Descriptive statistics help us summarize and describe data, characterize relationships, and make predictions. While descriptive statistics can help us make sense of data, they should be used with caution: Descriptive statistics tell us what happened, but they don’t necessarily tell us why. Keep reading to learn about the limitations of descriptive statistics.
How do you calculate investment risk? What do you need to know to calculate the expected payoff of a financial investment? Investors often use probability to assess risk when making financial decisions. This is typically done with a statistic called an “expected value.” To calculate the expected value of a financial investment, you need to know the probability of each possible outcome and its respective payoff. Here’s how to use the expected value statistic for calculating investment risk.
What are the dangers of big data? How do businesses use data to exploit their customers? In Everybody Lies, Seth Stephens-Davidowitz warns that big data can easily lend itself to exploitative practices by businesses and by governments. They do this by making inappropriate assumptions about individuals. Continue reading for more details about the dangers of big data.
What is the normal distribution in statistics? How do measures of central tendency relate to the normal distribution? The normal distribution is a foundational concept in statistics. When data is normally distributed, it means that most values cluster around the center. Therefore, the mean, median, and mode are exactly the same in a normally distributed data set. Keep reading for the theory of normal distribution, explained in simple terms.
What is the difference between mean and mode? Which of the two is a more accurate measure? Both the mean and the mode are measures of central tendency. For non-skewed distributions, the mean is more accurate because it takes into account every value in the data set. For skewed data, the median is better because it isn’t influenced by outliers. Keep reading to learn about the difference between mean vs. mode and when to use which.
What are some interesting facts from Everybody Lies? What do these facts tell us about big data? Everybody Lies draws on data scientist Seth Stephens-Davidowitz’s research using Google search results as well as data from PornHub, Wikipedia, and more. The book contains many surprising and fascinating findings from his research. Read more for Everybody Lies‘s big data facts that will surprise you.