Many of us are trained to deal with quantifying uncertainty with a variety of ingrown techniques. Maybe to dismiss it…or even just take an average and forget that there is uncertainty.
I’m going to run several posts on the topic of probability analysis which will give you a better approach when thinking about a problem involving uncertainty. The approach can be used in business, engineering, physical, legal, economic or even medical industries. It will revolve around solving the right problems by building a model, analyzing it, and communicating the insights found. Stay tuned.
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