Survivorship Bias
Cognitive BiasDecision MakingStatistical Analysis
Survivorship Bias occurs when analysis focuses only on successful outcomes, ignoring failures.
Introduction
Survivorship Bias occurs when analysis focuses only on successful outcomes, ignoring failures.
Core Concepts
- Selection Bias: Excluding data from less visible or unsuccessful examples.
- Misleading Insights: Drawing conclusions based on incomplete datasets.
- Holistic Evaluation: Including all relevant data for balanced insights.
Applications
- Business strategy to avoid overestimating success factors.
- Historical research to include overlooked events or figures.
Related Resources
- Tools: Statistical analysis software.
- Book: "Fooled by Randomness" by Nassim Nicholas Taleb.