More data has been produced in the 21st century than all of human
history combined. Yet, are we making better decisions today than in the
past? How many poor decisions result from the absence of data? The
existence of an overwhelming amount of data has affected how we make
decisions, but it has not necessarily improved how we make decisions.
To make better decisions, people need good judgment based on data
literacy--the ability to extract meaning from data.
Including data in the decision-making process can bring considerable
clarity in answering our questions. Nevertheless, human beings can
become distracted, overwhelmed, and even confused in the presence of too
much data. The book presents cautionary tales of what can happen when
too much attention is spent on acquiring more data instead of
understanding how to best use the data we already have. Data is not
produced in a vacuum, and individuals who possess data literacy will
understand the environment and incentives in the data-generating
process. Readers of this book will learn what questions to ask, what
data to pay attention to, and what pitfalls to avoid in order to make
better decisions. They will also be less vulnerable to those who
manipulate data for misleading purposes.