Learning objectives

Determine a range of reasonable values

• Possess numeracy skills
  1. Understand how to interpret very large numbers
  2. Can work with percentages and proportions
  3. Understand the meaning of small probabilities
  4. Skill with simple math word problems
• Possess knowledge of the disciplines that produced the data
  1. Understand the fundamentals of accounting, economics, statistics and finance

Evaluate the credibility of the source of the data or evidence

• Can evaluate the credibility of individuals, internet sources and institutions
• Skill at identifying expertise

Know common ways to mislead using data

• Understand misleading graphs
• Understand averages and their limits
• Understand how data can be collected
• Understand sampling bias

Determine if there is a discrepancy (data that is inconsistent with expectations)

Understanding cognitive biases in forming judgments and decision-making

• Conditions in which individuals underestimate or overestimate risk
• Conditions in which individuals over- or underweigh rare events
• Guarding against cherry-picking evidence or data

Identify the critical underlying assumptions associated with the data or evidence and evaluate their effect:

• Understand the assumptions behind common data analysis methods
• Know how to evaluate whether or not assumptions are correct for your data
• Know your own biases and how those biases impact the way you interpret data or evidence
• Be aware of confirmation bias and proactively guard against it

Understand when it is useful to transform the data into a more useable form

• Know methods to analyze data to solve problems found in accounting, economics, statistics and finance

Understand when important data or evidence is missing

• Know the needs of different stakeholders of the problem
• Know how others with a different perspective (accounting, economics, statistics and finance) would view the problem
• Understand what the ideal data source would look like

Know when to seek data or evidence from other disciplines

• Understand how others with different perspectives would view the data or evidence
• What data are needed to better understand the presenting problem from the perspective of an outside discipline?

Knowledge of how to obtain data or evidence when you know it is missing

• Know how to conduct a sample
• Know how to find a good data source
• Know how to find an expert

Define the desired state or condition – where do you want to go

• Identify the stakeholders of the problem or issue
  1. Stakeholders who are impacted by the current state
  2. Stakeholders who are likely to be impacted by changes to the current state
• Understand what conditions will satisfy the needs of the stakeholders
• Develop a consensus about a desired state that will meet the needs of the stakeholders

Understand the current state or condition – where are you at?

• Identify the stakeholders of the problem or issue
  1. Stakeholders who are impacted by the current state
  2. Stakeholders who are likely to be impacted by changes to the current state
• Identify key characteristics – measures that should be changed to achieve the desired state
• Collect data on the values of the key characteristics for the current state

Define the gap between the current state and the desired state

• Identify barriers or constraints to achieving the desired state
• Describe how key characteristics must change to achieve the desired state

Construct a clear, concise statement of the gap between the current state and desired state

Identify the source of the discrepancy

• Use knowledge of accounting, economics, statistics and finance

Knowledge of a systematic method similar to the scientific method to find and verify the cause(s) of the discrepancy

• Hypothesize the potential cause of the discrepancy
• Conduct an experiment to change the potential cause
• Analyze the result of the experiment to determine if the potential cause is an actual cause
• If the discrepancy is not found, continue the hypothesis, experiment, and analysis cycle

Consider a larger context and how external factors may suggest causes of the discrepancy

View the discrepancy from a different perspective that may suggest causes of the discrepancy

Play the role of the devil’s advocate

• Work to understand your own biases and how these biases impact the hypotheses you generated, the data, evidence, and conclusion
• Work to discover how those with different perspectives would evaluate the data, evidence and conclusion
• Question conventional wisdom: Rather than thinking about this situation in the usual manner, consider unconventional ways to view the data, evidence, and conclusion

Consider the potential negative consequences of the conclusion

• Consider what could go wrong if the conclusion is accepted
• Evaluate the likelihood of potential negative consequences
• Evaluate the costs of negative consequences

Make adjustments to alleviate potential negative consequences

• If possible reformulate the conclusion to avoid negative consequences
• Plan for how to deal with potential negative consequences that cannot be avoided

Analyze the audience and situation

• Determine what the audience already knows and what the audience needs to know
• Evaluate audience expertise in the subject area
• Determine the specific purpose of the presentation/document

Select the best evidence to persuade your audience and fulfill your goals

• Evaluate the available evidence to determine the evidence your audience will value
• Evaluate the available evidence to determine the evidence that aligns with your specific purpose

Organize evidence to create a persuasive argument

• Determine how pieces of evidence fit together to create a cohesive argument
• Create visual elements (graphs, tables) to clearly display information

Cite sources to demonstrate credibility

• Determine which pieces of information are necessary to demonstrate the credibility of the evidence to the audience
• Cite sources in a consistent and professional manner

Demonstrate professionalism in your presentation/document

• Edit to remove all errors from document(s)
• Use a consistent and professional visual design on document(s) 
• Deliver a polished presentation to enhance your credibility