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It's All a Judgment Call
REWORK
Rigorous Methods in Social Sciences and Business Insights
Rigorous scientific methods used in disciplines such as physics and chemistry are not directly applicable to social sciences and business. The social sciences have been plagued by numerous non-replicable studies and disagreement on fundamental terms. Business, essentially a form of social studies, suffers from similar issues. Statistically rigorous methods are often misused in business, leading to post-rationalization and cherry-picking of conclusions. The speaker emphasizes the importance of directly testing preferred outcomes against reality and extracting only rough guidance, rather than seeking universal life lessons. The speaker highlights the limited value of past pricing tests, emphasizing the need for ongoing experimentation and testing in business.
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