Thursday, May 30, 2024
The Coming Wave: Technology, Power, and the Twenty-First Century's Greatest Dilemma Mustafa Suleyman with Michael Bhaskar New: Crown 2023
Thursday, April 11, 2024
How Big Things Get Done. 2023 Bent Flybjerg and Dan Gardner New York: Currency
Thursday, April 4, 2024
The Cloud Revolution: How the Convergence of New Technologies will Unleash the Next Economic Boom and a Roaring 2020s
Thursday, May 27, 2021
Data Detective: Ten Easy Rules to Make Sense of Statistics Tim Harford 2021 Riverhead Books
Wednesday, January 20, 2021
The Gray Rhino : How to Recognize and Act on the Obvious Dangers We Ignore by Michele Wucker
After hearing Michele Wucker's TedTalk and long after I read The Black Swan: The Impact of the Highly Improbable, I decided to read her book on gray rhinos. She contends that many social phenomenon that receive the label of black swan actually come under the designation of gray rhinos. As the title, The Black Swan suggests, events occur unexpectedly and without warning. Gray rhinos, in contrast, result in "highly obvious but ignored threats" (p. x) or respond insufficiently, weakly, and ineffectively. Among past "clear dangers that were recognized but weren't being addressed" (p. x), Wucker listed: climate change, financial crises, digital technologies, infrastructure failures, wildfires, water shortages, and others.
To distinguish the types of events that individuals, organizations, agencies, governments and others face, Wucker categorized them according to four characteristics: low probability and high probability and low impact and high impact. Of the three types, white swans, black swans, and gray rhinos, she placed each into one of the four slots. White swans have a high probability of occurrence and low impact. In contrast, black swans and gray rhinos have high impact. However, black swans have low probability and gray rhinos have high probability. With any risky situation, the faster the response, the lower the cost.
Leaders, who procrastinate when confronted with major challenges, ignore the opportunity or the avoidance of danger that the challenges offer. Wucker views this as the counterpart to danger. Assessing risk is inherent in the avoidance of danger or calamity. Each year at the World Economic Forum, assembled leaders in government, business, media, and Non-governmental Organizations prioritize what they consider the greatest risks in the Global Risks report. The United Nations conducts a similar survey. "In 2013, only 32 percent of those CEOs believed the economy was on track to meet the demands of a growing population within environmental and resource constraints, and just 33 percent believed that business was doing enough to meet those challenges" (p. 12).
Behaviors that prevent action include many reactions: freezing and a lack of any response or denial and ignoring the threat. These reactions describe the first stage of the gray rhino response. The other four responses, according to Wucker, include" muddle along. . .come to an alert. . .play the blame game as we search for solutions. . .and, finally, we do something--occasionally before the trampling, but all too often after the fact" (p.27). These five responses constitute the five phases that most go through. To create a culture vigilant about gray rhinos or any of the other threats, "change perverse incentives in order to encourage leaders to act sooner, and uses out understanding of the weaknesses of human nature to make us more likely to do the right things" (p.27). In short, leaders thwart groupthink and encourage diverse and independent thinking.
Project directors of the Good Judgment Project identified traits that separated a good forecaster from others: "First were psychological factors: 'inductive reasoning, pattern detection, open-mindedness and the tendency to look for information that goes against one's favored views, especially combined with political knowledge.' Second was the forecasting environment, including training in probabilistic reasoning and team discussion of rationales. Finally, not surprisingly, effort made a difference; the more time forecasters spent deliberating their predictions, the better they did" (p. 50).
Saturday, June 16, 2018
Weapons of Math Destruction: How Big Data Increases Inequality and Threatens Democracy Cathy O'Neil
Through out the book, O'Neil gives examples of how numbers, models, algorithms, and bid data offer false conclusions. Because the numbers and the assumptions behind them usually can be understood only by the individuals who construct them, people who apply them to actual people, do not understand the consequences of the logic. These "weapons of math destruction (WMDs)" have permeated our society. In education these numbers and assumptions evaluate students and teachers. In the judicial system, they determine convictions and prison sentences. In finance systems, they caused the crash of 2007, stop and frisk searches in large urban centers, U.S. News and World Report college rankings. President Obama unsuccessfully attempted to correct the U.S. News and World Report college rankings by basing rankings on "graduation rates, class size, alumni employment and income, and other metrics" (p. 67). With computerized health and credit data, zip code information, and Facebook friend information, the numbers, algorithms can determine employ ability, innocence or guilt in the justice system, and by scanning online data, the amount of ideas a person generates, which determines employment desirability. What website a person accesses might affect their FICO or credit score. Call center personnel data found that people who engaged in job-related chatter performed better at their jobs than those who did not.
With all the scores and assessments of individuals, based on data, a dossier of who we are, what we have done, and what we have can contain correct or incorrect information. Will our job, health, credit, education, insurance, safety, news, and social prospects result from who we really are or what incorrect online information attributes to us.