This implies several crucial recognitions: that intuition and experience are not sufficient to make all decisions in a way that maximizes shareholder value, that non-experimental methods are not up to the task of determining causality with sufficient reliability to guide many actions, and that experiments can be applied in practice to enough business issues to justify the costs of the capability.

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It applied rigorous analysis and mathematical methodology to the practice of marketing, something that had never been done before.

ECONOMIST: Guru

The senator is a policy wonk with the political skills, regularly applied across party lines, to put ideas into practice.

ECONOMIST: The incomparable Daniel Patrick

But it is doubtful whether the law can be applied in practice, if too many people try to use it.

ECONOMIST: The end of privacy

In practice this means that biotech investing is less random, where learnings can actually be applied to evolution of the investment model over time.

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