Experimenting On lea... • 1d
The government can make you a millionaire without giving you a single rupee. Today, I will tell you how you can be manipulated using data the power of statistics Imagine 10 people sitting around a table in a bar. Each person earns ₹30 lakh a year. So, if I ask what the average salary per person per year is, you would say it's easy, ₹30 lakh. But now, the door opens, and Bill Gates enters. Let's assume his average annual salary is ₹10,000 crore. He sits with those 10 people. Now, if I ask you what the average salary of these 11 people is, do you know how much it would be? ₹900 crore per person per year. So, if we look at it on paper or according to the data, they all become richer than millionaires just by one person sitting with them. But did they actually get even a single rupee extra? No. This is the biggest deception of average, or mean. The value we see in news headlines by just adding an outlier or an extreme value to the data set the average shifts in such a way that we see a completely different story. And that's exactly what we see in some headlines. So, if we were students of statistics, we wouldn't look at the mean; we would look at the median. Even with Bill Gates' arrival, the median salary of the person in the middle is still ₹30 lakh. So, the next time you see a headline stating that India's average income has increased by X percent, remember this Bill Gates story. Statistics itself doesn't lie, but there are thousands of ways to twist the truth using it. Remember that. ( Many Startup Do similar statistical game during fun raising/IPO )
Early Retiree | Fina... • 1y
Placement stats for IIT Gandhinagar Two things that surprised me. I - Percentage of folks placed are too low. Even Comp Science is below 70%. In lower departments like Civil / Materials, 2 out of 3 are not placed. 2 - Median salary for electric
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