University of Chicago Professor Sanjog Misra commented to the business school's magazine about the problem of analysis paralysis. Professor Misra offered an interesting perspective on how to avoid this classic decision trap. He teaches a class focused on the use of algorithms and data analysis in marketing. Misra argued that you have to be very clear about the question you are trying to answer BEFORE you begin your analysis. Moreover, he advocated for more clarity about the answer you are trying to achieve. Misra recommended trying to sketch out the parameters of an idea answer before you start evaluating the data. He explained:
This isnât a totally new idea, just new to analytics. In the business world, one wouldnât want to put out a call for proposals with no details about what he or she is looking for. We wouldnât want to wade through a million proposals to decide what suits our needs. That would be silly. Instead, when you put out a call for proposals or a purchase order, you typically outline a very detailed specification of what you want. Similarly, itâs worthwhile speccing out the âanswerâ you are looking to find. You donât go around aimlessly. One of my interpretations of Peter Kennedyâs 10 commandments about data analysis is, âThou Shall Not Fish.â Thatâs something I emphasize in my classes. Of course, sometimes mining for data is actually whatâs required. So if the objective is to fish, then you should be fishing. If it isnât, the commandment applies.