Why do we put “stats”, “graphs”, and “data science” together? (Part I of VI parts.) In coming blogs, we’ll look at each of these four words separately. Today (part I) we look at the whole for its parts. We use this principle of the scientific method: take a problem apart into smaller parts, study the […]
Stats can be troublesome. Knowing the why, the what, and the how of statistics can help rescue the appraisal profession. Continued misuse and misunderstanding will help bury it. Let’s look at these three questions. We look at misused words, statistics, and the opportunity. First: “The main problem with statistics is words.” Statistics is the study […]
Graphs are pretty, have colors, and show things. Graphs are visual. The human ability to see and to visualize is stupendous. It’s the main connect between the world about us and our ability to think, reason, and make decisions. Visualization includes graphic plots, tables, maps, moving and interactive displays, including three, even four-dimensional interface. Part […]
Part IV of VI: Data is data. It becomes useful in only two ways. Simple, huh? Appraisers and asset analysts add value to data by a systematic process. The analysis turns data into useful information. The information can then become knowledge, useful for making a decision. Analyst judgment is still required. The judgment is improved […]
Stats, Graphs, Data, and now – Science. Why is science relevant? Isn’t good judgement important? Science is: “the systematic study of the structure and behavior of the physical and natural world through observation and experiment.” So how does this relate to valuation? First, we can get rid of a big chunk. Appraisers cannot do experiments. […]
Why Stats, Why Graphs, Why Data, Why Science? (Part VI of VI) How is this stuff different from the established classical, traditional appraisal “process”? Is this technology or a new theory? Are data, and science somehow better? Or is it just mumbo-jumbo to look impressive? Is there something wrong with traditional appraisal theory? The traditional […]
Most of us grew up being taught pie chart statistics. In elementary school that’s how you probably learned about data and graphing. Proportions were taught by using a pie chart. This seemed relevant because it dealt with the practical problem of slicing a pie so five kids could share. Much else often is taught not […]