"Survivorship bias" or "Survival bias"

Posted by Dasun on October 16, 2019 in Analysis, Numbers, Story, Survivorship bias,

It is true numbers do tell stories. But it is important to understand which story is true. More accurately "whole truth". There is a theory that explains this situation. It is called "Survivorship bias" or "survival bias". 

"Survivorship bias" or "survival bias"

According to wikipedia "Survivorship bias" is the logical error of concentrating on the people or things that made it past some selection process and overlooking those that did not, typically because of their lack of visibility. This can lead to false conclusions in several different ways. It is a form of selection bias.

Below image is a great example of the impact of "Survivorship bias" or "survival bias".