40 Algorithms Every Programmer Should Know

Four criteria to classify an event as a black swan event

It is a bit tricky to decide whether a rare event should be classified as a black swan event or not. In general, in order to be classified as a black swan, it should meet the following four criteria.

1. First, once the event has happened, for observers it must be a mind-blowing surprise, for example, dropping the atom bomb on Hiroshima.

2. The event should be a blockbuster—a disruptor and a major one, such as the outbreak of the Spanish Flu.

3. Once the event has happened and the dust has settled, data scientists who were part of the observer group should realize that actually it was not that much of a surprise. Observers never paid attention to some important clues. Had they the capacity and ...