The world is moving faster and we want answers in real time, or at least an answer that’s better than a guess. A question I often have is when does a sample reach critical mass to gain conviction? It’s somewhere between 0% of the data and 100%. But where?
As an example, let’s take the Major League Baseball season. The goal of each team is to make the playoffs. As a fan, though, with a 162 games in a season, at what point can I have confidence one way or the other on whether my team will be a contender?
Read Jordan Bean’s entire article here.