Statistical Errors and Decision Making





“99 percent of all statistics only tell 49 percent of the story.”
? Ron DeLegge II, Gents with No Cents

“We are prone to blame decision makers for good decisions that worked out badly and to give them too little credit for successful moves that appear obvious only after the fact.”
? Daniel Kahneman, Thinking, Fast and Slow

“My hunch is that as the importance of a decision grows, the tendency to rely on quantitative analyses done by others tends to shrink. When the championship or the future of the company is on the line, managers tend to rely on their gut instincts.”
? Richard H. Thaler, Misbehaving: The Making of Behavioral Economics

“Whenever you see a successful business, someone once made a courageous decision.”
? Peter F. Drucker