Probability & Statistics Misconceptions in Decision Making
Most of us have learnt some Probability and Statistics in High School, or later in college, or as part of our MBA. We know the basic concepts, and may even use it regularly in our judgements and decisions!
However, what most of us may not be aware of, are the many many ways we can be de-railed, in using concepts from Probability and Statistics, in making our decisions! The various errors commonly made, the many misconceptions we have. In judging probabilities and risks, sampling and statistics.
The human brain is not wired to intuitively understand probability or statistics. Researchers of the brain, believe that mathematical truths make little automatic sense to our mind, especially when considering random and non-random outcomes, or when considering a large amount of data. And because of that, we automatically and subconsciously end up making a lot of mistakes, in assessing risks and likelihood.
This Course will help you learn about, and try to avoid and minimize, such mistakes and misconceptions. It will be useful for everyone, but especially for Leaders and Managers, whose various judgements and decisions can affect many people, organizations and countries!
This is a beginner level Course, and assumes a basic High school level knowledge of Probability and Statistics.
Who this course is for:
- Leaders and Managers who want to avoid Statistics and Probability mistakes, while making decisions
- Management Students, and anyone else, who wants to use Probability and Statistics more accurately and effectively
- Anyone who wants to ensure that, they don’t fall into the several misconceptions and misleading dangers, while using Probability and Statistics