Seth Stephens-Davidowitz in the New York Times: “BIG data will save the world. How often have we heard that over the past couple of years? We’re pretty sure both of us have said something similar dozens of times in the past few months.
If you’re trying to build a self-driving car or detect whether a picture has a cat in it, big data is amazing. But here’s a secret: If you’re trying to make important decisions about your health, wealth or happiness, big data is not enough.
The problem is this: The things we can measure are never exactly what we care about. Just trying to get a single, easy-to-measure number higher and higher (or lower and lower) doesn’t actually help us make the right choice. For this reason, the key question isn’t “What did I measure?” but “What did I miss?”
So what can big data do to help us make big decisions? One of us, Alex, is a data scientist at Facebook. The other, Seth, is a former data scientist at Google. There is a special sauce necessary to making big data work: surveys and the judgment of humans — two seemingly old-fashioned approaches that we will call small data….(More)”