Tweet We finished Part Six of this series by referencing the terms mean, mode and median. What do these terms tell us statistically? To explore them, consider the following fictional set of data about the appraised value of a set of houses in a small cluster of homes. Number of Houses Value ($K) 1 […]

## Statistics (and Probability) – Part Six

Tweet In the previous part of this series, we identified several areas where statistics play a major role in the decision making and management of a field or industry. Moving to greater detail, a good place to start is insurance, something we all purchase based on fear or required by law. In 1653, Lorenzo de […]

## Statistics (and Probability) – Part Five

Tweet In the previous part of this series we looked at baseball and the emergence and growth of statistics in the game. From a casual perspective, a player’s batting average tells you, to three decimal places, the historical probability of getting a hit (getting on base by hitting the ball in fair territory) the next […]

## Statistics (and Probability) – Part Four

Tweet In the previous column (Part Three) we ended with a question about statistics and its uses – investing, making money, providing governance, managing the budget, making choices, or something else. As an example, consider baseball, professional baseball. For the vast majority of us, baseball is a form of entertainment as well as a sometimes […]

## Statistics (and Probability) – Part Three

Tweet At the end of part two of this series, two charts on deaths in the United States (reproduced below) were presented and I asked the question “What do they tell you?” These charts present data (statistics) from two sources for the year 2013, which is not indicated on the graphics. The […]

## Statistics (and Probability) – Part Two

Tweet In the previous post we looked at nuclear cross sections as the probability of a nuclear interaction and noted that the cross section is a statistic derived through experimentation. If the statistic was measured incorrectly, the nuclear reactor would fizzle and a mess would result. But what if the measurement dealt with people and was […]

## Risks, Rewards and Responsibilities (Part Three)

Tweet In the first two parts of this series, we examined risk and rewards, albeit somewhat simplistically. It becomes significantly more complicated when you consider responsibility, individually and collectively. Let’s begin by quickly returning to the bubble model. As individuals we are represented by as individual bubbles but we can be part of larger bubbles […]

## Risks, Rewards and Responsibilities (Part Two)

Tweet In the previous post we examined risk as a function of probability and explored the concept of expected value to be received if it goes our way. This is a great way to determine if a risk is worthwhile and promises a positive return for your investment. Return on investment implies that the decision is […]

## Risks, Rewards and Responsibilities (Part One)

Tweet Every day we take risks to get rewards but usually ignore our responsibilities, taking them as a given. For example, in the morning we make (or don’t make) decisions about what we are going to do. “Or don’t make” because there are things we must do such as go to work. At some point […]

## Education, Training, Learning and Knowledge (Part Eight)

Tweet In the previous parts of this series the education system was explored from the perspective of return on investment (ROI) to the individual and to society; the value of the credential the individual receives when he or she leaves it; the separation of education and training deemed essential to be productive in society; and […]