I'm looking at different career choices and in particular, academic research projects. I've tried to compare their impact by using some Fermi calculations, including working out:
- the magnitude of the problem the research will attempt to solve
- the likely value of the research if it is successful
- the likelihood it will be successful
- my marginal contribution to the research if I get involved with it
My calculations seem like they could be easily out by a couple of orders of magnitude. And it makes a difference--one less order of magnitude and the project is not more than the value of my marginal career impact if I simply maximized income and earned-to-give. Of course...who knows...I might have the order of magnitude the other way around, and perhaps the research project could be even more impactful.
Honestly, it seems like a bad idea to make any kind of decision based on this process, but if I want to know which career path has the most impact, I don't know any other way to do it!
So I have lots of questions, but the biggest one is: if you don't use this awfully flawed method to decide what the impact of a career path will be, what else would you use?
I recently made a big career change, and I am planning to write a detailed post on this soon. In particular, it will touch this point.
I did use use Fermi calculation to estimate my impact in my career options.
In some areas it was fairly straightforward (the problem is well defined, it is possible to meaningfully estimate the percentage of problem expected to be solved, etc.). However, in other areas I am clueless as to how to really estimate this (the problem is huge and it isn't clear where I will fit in, my part in the problem is not very clear, there are too many other factors and actors, etc.).
In my case, I had 2 leading options, one of which was reasonable to amenable to these kind of estimates, and the other - not so much. The interesting thing was that in the first case, my potential impact turned out to be around the same order of magnitude as EtG, maybe a little bit more (though there is a big confidence interval).
All in all, I think this is a helpful method to gain some understanding of the things you can expect to achieve, though, as usual, these estimates shouldn't be taken too seriously in my opinion.