This law is true and it makes us feel better, so it is a personal favourite. We need our models to be useful even when we know the underlying data is Sturgeon and the assumptions are made up. At the end of the day, we must make a decision, and we cannot bring ourselves to flip a coin. Plus, some decisions are not binary so coin flipping doesn’t help.
What makes Box true is the process of building the model – identifying the parameters, looking for the data and most importantly, running the scenarios and sensitivities. For clients, Box does not hold if all they see is the model output, even if summarised beautifully in waterfall charts. Sadly, this is often the outcome in consulting projects. We must strive to avoid this.