The Effective Statistician - in association with PSI
Obsession About Bias
Apr 18, 2024
Statistician Alexander delves into the intricacies of bias and precision in statistical analysis, challenging the misconception that unbiased methods are always superior. He discusses examples like matched adjusted indirect comparison and subgroup analysis, emphasizing the trade-offs and costs of methodological choices. The importance of decision-making and stakeholder discussions in acknowledging biases and uncertainties is highlighted.
06:24
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Quick takeaways
- Trade-off between bias reduction and precision in statistical analysis.
- Need to balance bias and precision in subgroup analyses for accurate decision-making.
Deep dives
Bias vs. Precision Trade-Off
Bias reduction often leads to decreased precision in estimates. While unbiased or less biased methods are preferred, they may come with wider confidence intervals. The trade-off between bias and precision is highlighted, showing that the pursuit of bias reduction can impact the overall accuracy of estimates.
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