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About this quote

What does it mean?
Approximate correctness is more valuable than precise incorrectness.
In plain terms
Being roughly right is better than being exactly wrong.
What can you take from it?
Prioritize accuracy over precision in estimation.

Where it applies

  • forecasting
  • data analysis
  • problem solving

Putting it to work

  • estimate broadly
  • focus on trends
  • avoid overfitting

Questions to consider

  • When does precision matter more?
  • Is rough good enough?

Another view

Precision is needed in engineering or medicine.

More from John Maynard Keynes

  1. When the facts change, I change my mind. What do you do, sir?

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  2. Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.

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  3. I don't really start until I get my proofs back from the printers. Then I can begin my serious writing.

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