The Success Equation by Michael Mauboussin
Author:Michael Mauboussin [Mauboussin]
Language: eng
Format: epub
ISBN: 9781422184233
Publisher: Harvard Business Review Press
Published: 2012-11-05T16:00:00+00:00
Comparing Across Domains
A useful statistic is one that is persistent over time and that helps you to make predictions. Those qualities are measured through their correlation with the outcome you desire. These two measurements allow us to analyze activities as diverse as sports, business, and investing on a similar basis. Figure 7-10 suggests that statistics in sports are often more persistent and predictive than those in business and investing.
Figure 7-10 requires a few more words. It is important to acknowledge that the time periods, and hence the sizes of the samples, are different for these activities. The common thread is that I selected the time period that I felt best matched the one used by the people in each profession. For example, in sports the natural length of time is a season. For business and investing, most professionals use a three-year period.
FIGURE 7-10
Various activities placed according to persistence and predictive value
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