Did you know that when Bill Gates enters a bar, the average customer becomes a billionaire? That is what I call the Bill Gates Effect. (Many thanks to Introductory Statistics)
Pss! There is a Power BI dashboard at the end of the blog post, don’t miss it!
The Bill Gates Effect Explained
A business owner is trying to understand the average income of the clients in the bar next door so he hires a student to interview the customers.
When the student had finished the interviews and the analysis, the person with the highest income leaves the bar and Bill Gates comes in. Frustrated, he re-runs the analysis this time with Bill Gates data instead.
The student comes back to the business owner and reports that the average customer in the next door bar is a billionaire!!
Average income= $ 7 900 042 500
The business owner ask the student to show the calculations and after reviewing the data understands the ”mistake”.