There are Three Kinds of Lies: Lies, Damned Lies, and Statistics

7864 Week 8 Discussion
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#StatsLies
Mark Twain’s famous saying, “There are three kinds of lies: Lies, damned lies, and statistics,” demonstrates the skepticism surrounding statistical data interpretation. Naturally, statistics are prone to manipulation and misinterpretation to support a specific agenda or narrative. The phrase stresses the need to think cautiously and critically when approaching statistics. The article “Identifying ethical considerations for Machine Learning Healthcare Applications” is an exemplary instance of wrong unintentional interpretation of statistics. Although the article discusses statistics misinterpretation in the context of healthcare, its principles apply to accounting and finance fields. It discusses the integral role of statistics in assessing the ethical effects of machine learning healthcare applications (ML-HCAs). It highlights the fairness concerns, possible biases, and unintended implications concerning ML-HCAs (Char et al., 2020). However, it is essential to note that statistics in this context are prone to misinterpretation, whether intentionally or unintentionally.
The article stands out in its example of possible misinterpretation of statistics to assert the sup...