Lahaina, Maui – In 2003 Michael Lewis published Moneyball, his book telling how the Oakland Athletics baseball team implemented a more efficient and cost-effective way to evaluate players and strategize game situations based solely on data analysis. This approach led the Athletics to player acquisitions that other teams had overlooked or disregarded, but more importantly, led to success on the diamond.
When the book came out, many a baseball expert was dismissive. But at some point they couldn’t argue with the success the A’s were having using their new methodology.
In the ensuing years, people in many other fields took up the Moneyball example to reevaluate their businesses, positing that if the old ways of analyzing baseball were in error, couldn’t other suppositions be open to reexamination, as well? (more…)