The Coming of Age of Big Data
“The Age of Big Data” article published in the Sunday Edition of the NYT on 2/12/2012, highlights the increased importance of data analysis in modern curricula — particularly in disciplines that have not been traditionally quantitative or computational. But more importantly, the article underscores the crucial value of developing a deep understanding of the limitations of the data collection and computational methods used in the process. Commenting on the increased reliance on “Big Data”, Steve Lohr of the New York Times says:
Data is tamed and understood using computer and mathematical models. These models, like metaphors in literature, are explanatory simplifications. They are useful for understanding, but they have their limits. A model might spot a correlation and draw a statistical inference that is unfair or discriminatory, based on online searches, affecting the products, bank loans and health insurance a person is offered, privacy advocates warn.
Despite the caveats, there seems to be no turning back. Data is in the driver’s seat. It’s there, it’s useful and it’s valuable, even hip.
The article references a report published last year by the McKinsey Global Institute, which projected that in the next few years, the US would need 140,000 to 190,000 more workers with “deep analytical” expertise, and over 1.5 million more quantitatively savvy workers. The article also underscores the fact that at the 2012 World Economic Forum in Davos, Switzerland, “Big Data was a marquee topic”, noting that a report by the forum, “Big Data, Big Impact,” declared data a new class of economic asset, like currency or gold.