How to Lie with Statistics
little secret that may surprise you: statistics tell you about confidence, but they don’t tell you the “right” answer.
Chris Goward • You Should Test That: Conversion Optimization for More Leads, Sales and Profit or The Art and Science of Optimized Marketing
By itself, the mean of an observed value can be misleading, especially at small sample sizes. The situation gets even murkier if you are trying to model two separate means (each with its own variance).
Maura Ginty • Landing Page Optimization: The Definitive Guide to Testing and Tuning for Conversions
We should try not to think in percentages. When the data is presented to us in percentages (for example, 1 percent of assets under management), we should do the extra work and figure out how much money is really on the line. The money in our pocket is tangible; it exists in absolutes—$100 is $100.
Dan Ariely • Dollars and Sense
Social scientists have long understood that statistical metrics are at their most pernicious when they are being used to control the world, rather than try to understand it.