3y, Posted for: Whole Community

Models and Assumptions and their limits

Posted by: Joseph Halter

{"ops":[{"insert":"Reading an article from Bloomberg, "},{"attributes":{"link":"https://www.bloomberg.com/opinion/articles/2020-05-04/coronavirus-mortality-is-a-reminder-why-models-are-so-often-wrong"},"insert":"Why Models Can Never Get Things Quite Right"},{"insert":", brought reinforcement to me on care and use of models and assumptions in our thinking.\nThe purpose of the article is provide arguments and rationale on the shortcomings of the models we use to make decisions based on the limited and inaccurate information that evolves from a complicated issue, in this case, the pandemic or COVID-19. Oftentimes, we do not have good information and thus assumptions need to be made. Assumptions are then tested over and over again after more information is gathered. \n"},{"attributes":{"background":"#66a3e0"},"insert":"George E. P. Box stated that “all models are wrong, but some are useful.”"},{"attributes":{"background":"#ffffff"},"insert":" is a great quote. Many of us use models and make assumptions in the profession that we are involved. We know the precision and accuracy of a issue or problem has to be explored, examined and validated consuming time and resources. "},{"insert":"\n"},{"attributes":{"background":"#ffffff"},"insert":"I bring this topic to our attention, since we are all pursuing the use of critical thinking. "},{"attributes":{"background":"#ffffff","color":"#9933ff"},"insert":"The model by Elder/Paul is an excellent model to analyze and assess our thinking to improve it. Is it perfect? No. The model is useful"},{"attributes":{"background":"#ffffff"},"insert":". It will help us to improve our thinking at a higher level if we continue to reevaluate our thinking and learning from our "},{"insert":"decisions. \n\n\n"}]}


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