Statistical Thinking

Gambler’s Fallacy I - forgetting that the “coin has no memory”   Gamblers often believe that after a long streak of one outcome, the probability of a different outcome has increased.  Sports commentators often say that a batter in a slump is “due” for a hit.…

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Latin hypercube

In Monte Carlo sampling for simulation problems, random values are generated from a probability distribution deemed appropriate for a given scenario (uniform, poisson, exponential, etc.).  In simple random sampling, each potential random value within the probability distribution has an equal value of being selected. Just…

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Oct 14: Statistics in Practice

This week we look at several ways to fool yourself, statistically - variants of the “Gambler’s Fallacy.” Gambling is all about accurately assessing risk, so, naturally, our featured course is: Nov 15 - Dec 13: Risk Simulation and Queuing See you in class! - Peter Bruce,…

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