Data, data everywhere and not a number to guide
by Richard Parfect
— Humans like to have a number to hold onto as it feels tangible and brings confidence
All through life our brains like to use “general rules of thumb” when dealing with problems. These rules may come through personal experience or maybe they are more prescriptive and laid down by doctrine.
When dealing with problems I have sometimes found it useful to use a “factor of three”. For example, if I plan to do a DIY job in the house, bitter experience tells me it will take three times as long as I might expect. Such a guide can help avoid the shock of under-estimation of an outcome.
- Global equities fell 2.6% last week
- The UK’s ‘mini’ budget continued to cause carnage across financial markets. The International Monetary Fund urged the government to change the course of action
- Brent crude rose 2.1% over the week to $87.96 a barrel
- Gold rose 1.0% to $1660.61 per ounce