PASS Business Analytics Conference Keynote Day #2


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.

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?


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