Wednesday, November 29, 2006

25 differences I wish I knew earlier!

  1. Causality versus Correlation
  2. Strategic versus Tactical/ Operational
  3. Possible versus Probable
  4. Absolute versus Relative
  5. Output and Outcome
  6. Risk and Uncertainty
  7. Experiment and Observational
  8. Point estimates (average/mean) versus Distribution measures (median/ variance)
  9. Understanding versus Justifying
  10. Economic profit and Psychic Profit
  11. Average versus Marginal
  12. Variable costs and Sunk costs
  13. Models versus Reality
  14. Reality versus Counterfactual
  15. Data versus Opinion
  16. Credible data versus Non-credible data
  17. Process versus outputs
  18. Design and Evolution
  19. Stock versus Flow
  20. Internal validity and External validity
  21. Random and Randomized
  22. Statistical significance and Physical significance
  23. Principle and Degree
  24. Rule of law and Rule by law
  25. Sex and Making love!
Any additions?

26. Urgent versus Important
27. Efficienct versus Effective
28. Explain versus Explain away
29. Mutually exclusive issues/ functions and those not so...


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