Estimates v. Facts

“How Estimates of the Gig Economy Went Wrong,” The Wall Street Journal, January 8, 2019.  Estimates of the impact of the “gig economy” based on a 2015 survey turned out to be not that accurate a prediction of the actual impact (which was minimal), looking back.

Estimates and opinions and forecasts are, in one sense, Information.  But they are not facts.  How do you determine how much weight to give an estimate or an opinion?  Do you put your own opinion of the error band around an estimate: the plus-or-minus versus facts?  Is how you use this type of Information part of Governance?  Is this included in “Information Management,” or is it the other way around?  Where does “how you actually use Information fit?

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Filed under Accuracy, Theme One: Information, Theme Two: Governance, Use, Use

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