Sunday, July 14, 2019

"Statistically speaking there's always a chance for unlikely events to take place"

Quote by David De Gruttola

Law of truly large numbers: States that with a sample size large enough, any outrageous thing is likely to happen.

Law of inevitability: States that one of the complete set of all possible outcomes of a random event must occur.


Laws of statistics demand every possible outcome of a reoccurring event to take place no matter how small the probability is given it's repeated enough times (emphasis on "enough times"). Simply put, someone will be struck by lightning twice. Someone must win the lottery.


The dilemma of the risk-analysis and decision-making connection is that incredible events aren't generally probable and probable events aren't generally incredible. If this premise is held true, on an aggregate scale, only risk-takers can reach the incredible.



Conclusion: If you aren't willing to risk looking stupid, then nothing great will ever happen to you.


No comments:

Post a Comment