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    A Short Lesson in Bad Decision-Making

    Humans are simply bad at assessing risk
    by Adam Taggart

    Friday, January 11, 2013, 9:02 PM

    51

    In business school I had to take an introductory class in statistics that we colloquially called "D&D." The official course name was Data & Decision-making.

    In retrospect, it was a truly valuable class (one of very few I encountered in b-school). If you can figure out how to use statistics to determine the most probable outcome from a set of scenarios, or find predictive correlations from within a sea of data, that's real power. You can take a lot of the guesswork out of decision-making and consequently make the "right" call much more often.

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