Induction and Data Science

All business uses this method, if they know it or not.  But rarely systematically.   Good presentation:

" .... Data science is about finding signals buried in the noise. It’s tough to do, but there is a certain way of thinking about it that I’ve found useful. Essentially, it comes down to finding practical methods of induction, where I can infer general principles from observations, and then reason about the credibility of those principles.

Induction is the go-to method of reasoning when you don’t have all of the information. It takes you from observations to hypotheses to the credibility of each hypothesis. In practice, you start with a hypothesis and collect data you think can give you answers. Then, you generate a model and use it to explain the data. Next, you evaluate the credibility of the model based on how well it explains the data observed so far. This method works ridiculously well.  ... "