Decision Making Mistakes, using Probability and Statistics !

Decision Making Mistakes, using Probability and Statistics !

Most of us have learnt some Probability and Statistics in High School, or later in college.
We know the basic concepts, and may knowingly, or unknowingly, use it in our judgements and decisions !

However, what we may not be aware of, are the many many ways we can go wrong, in using these concepts, from Probability and Statistics, for making our decisions ! This includes the common errors , the many misconceptions we have, the conclusions we wrongly jump to, 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!

It is a Beginner level Course, and it assumes only a basic High school level knowledge of Probability and Statistics.

Disclaimer: You will not learn any Probability or Statistics here, you will only learn about the mistakes and misconceptions commonly made, when using Probability and Statistics in Decision Making.

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Lessons for Leaders and Managers: Learn and Avoid the common Misconceptions and Mistakes, in Probability & Statistics.

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What you will learn

• Learn about the common mistakes and misconceptions people make, when using Probabilities in their judgements and decisions.
• Learn about the common mistakes and misconceptions people make, when using Statistics and statistical inferences, in their judgements and decisions.
• What are the Psychological Biases and Fallacies, that make infer wrongly, when using Probability and Statistics ?

Rating: 4.49845

Level: Beginner Level

Duration: 3 hours

Instructor: Sivakami S ; MBA ; Leadership Research