Statistics
Just came across this and thought you'd be delighted to think about it.While nothing is more uncertain than the duration of a single life, nothing is more certain than the average duration of a thousand lives. Elizur Wright (1804 - 1885)
Duncan Williamson
posted by Duncan Williamson @ 7:14 AM
1 Comments:
This is a nice phrase, although it should of course not be taken very literally. First of all, the average duration of more than 1000 lives is more certain than the average duration of exactly 1000 lives. Furthermore, the phrase refers to 1000 (more or less) simulateous lives, not 1000 subsequent lives. In the latter case, the average duration is obviously very uncertain.
But still this phrase is usefull in explaining why one would use simple statistics in a business anvironment. A good example would of course be the insurance business.
How about more usefull examples of situations in which companies need statistical techniques?
Post a Comment
Links to this post:
Create a Link
<< Home