Both quotes carry as much weight today as they did when they were first given. In order for any individual or government to make a proper decision, they require an adequate amount of information about the topic of the decision. Without this information it is impossible to determine what the outcome of your decisions could be. For a corporation this could mean going bankrupt, but for a government, this could be a major impact on your citizens or citizens of other countries.
Say for example that you are an employee hired to make major decisions based on the company you work for. Now your boss calls you into his office and asks you to decide whether the company should remain on the path they already follow, or they should completely branch off into a different market, what should you do? Without more information it is impossible to make an educated decision. …show more content…
Because the progression of time is not going to wait for you to gather information before you make every decision. Either someone who is bolder than you will make the decision. Or by the time that you have enough information to make the decision it is no longer relevant. You have to find a happy middle ground for your decision making process. Statisticians through the use of formulas are able to examine the likely hood of an event and able to estimate its outcome. It an event has a probability of occurring close to 1 then it is highly likely to occur, however, if its probability is close to 0, then it is very unlikely to occur. In Oster’s Ted Talk about AIDS in Africa she points out that in areas where the average life span is only around 45 years old people are less concerned about dying from AIDS, than in areas where the average life is 70 years old. The reason the one group isn’t as concerned is because according to the statistics there is less of a loss to
Say for example that you are an employee hired to make major decisions based on the company you work for. Now your boss calls you into his office and asks you to decide whether the company should remain on the path they already follow, or they should completely branch off into a different market, what should you do? Without more information it is impossible to make an educated decision. …show more content…
Because the progression of time is not going to wait for you to gather information before you make every decision. Either someone who is bolder than you will make the decision. Or by the time that you have enough information to make the decision it is no longer relevant. You have to find a happy middle ground for your decision making process. Statisticians through the use of formulas are able to examine the likely hood of an event and able to estimate its outcome. It an event has a probability of occurring close to 1 then it is highly likely to occur, however, if its probability is close to 0, then it is very unlikely to occur. In Oster’s Ted Talk about AIDS in Africa she points out that in areas where the average life span is only around 45 years old people are less concerned about dying from AIDS, than in areas where the average life is 70 years old. The reason the one group isn’t as concerned is because according to the statistics there is less of a loss to