Probability & Statistics Mistakes, in Decision Making!
4.5 (106 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
743 students enrolled

Probability & Statistics Mistakes, in Decision Making!

Lessons for Leaders and Managers: Learn and Avoid the common Misconceptions and Mistakes, in Probability & Statistics.
4.5 (106 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
743 students enrolled
Created by Sivakami S
Last updated 10/2019
English
English, French [Auto-generated]
Current price: $55.99 Original price: $79.99 Discount: 30% off
5 hours left at this price!
30-Day Money-Back Guarantee
This course includes
  • 3 hours on-demand video
  • 2 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • The common misconceptions and mistakes made in Probability and Statistics, for everyday Judgements and Decisions
  • The Psychological Biases and Fallacies that make us assume and conclude wrongly, when using Probability and Statistics
  • How to try and minimize such pitfalls, and use probability and statistics more effectively while making decisions.
Requirements
  • High School Math knowledge, of basic Probability and Statistical concepts
Description

Most of us have learnt some Probability and Statistics in High School, or later in college, or as part of our MBA. We know the basic concepts, and may even use it regularly in our judgements and decisions!

However, what most of us may not be aware of, are the many many ways we can be de-railed, in using concepts from Probability and Statistics, in making our decisions! The various errors commonly made, the many misconceptions we have. In judging probabilities and risks, sampling and statistics.

The Human brain is not wired to intuitively understand probability or statistics. Researchers of the brain, believe that mathematical truths make little automatic sense to our mind, especially when considering random and non-random outcomes, or when considering a large amount of data. And because of that, we automatically and subconsciously end up making a lot of mistakes, in assessing risks and likelihood.

This Course will help you learn about, and try to avoid and minimize, such mistakes and misconceptions. It will be useful for everyone, but especially  for Leaders and Managers, whose various judgements and decisions can affect many people, organizations and countries!

This is a Beginner level Course, and it assumes a basic High school level knowledge of Probability and Statistics.

Some Images and Videos courtesy Pixabay, Pexels, Pressfoto and FreePik. Some Music snippets courtesy Bensound.

Who this course is for:
  • Leaders and Managers who want to avoid Statistics and Probability mistakes, while making decisions
  • Management Students, and anyone else, who wants to use Probability and Statistics more accurately and effectively
  • Anyone who wants to ensure that, they don't fall into the several misconceptions and misleading dangers, while using Probability and Statistics
Course content
Expand all 34 lectures 03:11:01
+ Sampling: Likely Mistakes and Misconceptions
4 lectures 22:20

Sampling Issues, Part 1

Sampling Issues, Part 1
07:45

Sampling Issues, Part 2

Sampling Issues, Part 2
06:07

Sampling Issues, Part 3

Sampling Issues, Part 3
05:08

Quick Recap Quiz

Quick Recap Quiz
1 question

A Brief Recap and Learnings

A Brief Recap and Learnings
03:20
+ Central Tendencies, and their Limitations
3 lectures 18:55

The Limitations of Central Tendencies, Part 2

PDF with the Calculations for the Salary Example in the Video.

The Limitations of Central Tendencies 1
05:50

The Limitations of Central Tendencies, Part 2

The Limitations of Central Tendencies 2
09:53

A Brief Recap and Learnings

A Brief Recap and Learnings
03:12
+ The Simpson's Paradox, and other Misleading Misconceptions in Statistics
6 lectures 28:19

The Simpson's Paradox 1

The Simpson's Paradox 1
05:47

The Simpson's Paradox 2

The Simpson's Paradox 2
03:24

When the Data can be wrong!

When the Data does not represent Reality
08:35

Misleading Reports, Charts and Graphs

Preview 05:22

Quick Recap Quiz

Quick Recap Quiz
1 question

A Request.

A Request!
00:49

A Brief Recap and Learnings

A Brief Recap and Learnings
04:22
+ Probability and Randomness
6 lectures 49:30

Probability and Randomness, Part 1

Probability and Randomness, Part 1
08:04

Probability and Randomness, Part 2

Probability and Randomness, Part 2
08:39

Probability and Randomness, Part 3

Probability and Randomness, Part 3
08:00

Probability and Randomness, Part 4

Probability and Randomness, Part 4
08:32

Other Probability Mistakes and Fallacies

Other Probability Mistakes and Fallacies
09:22

A Brief Recap and Learnings

A Brief Recap and Learnings
06:53
+ Cognitive Biases and Fallacies that affect Probability & Statistical Judgements
8 lectures 44:02

Representativeness, Part 1

Representativeness, Part 1
06:39

Representativeness, Part 2

Representativeness, Part 2
05:26

The Availability Heuristic Part 1

The Availability Heuristic, Part 1
04:11

The Availability Heuristic, Part 2

The Availability Heuristic, Part 2
05:23

The Framing Effect , Part 1

The Framing Effect , Part 1
05:39

The Framing Effect , Part 2

The Framing Effect , Part 2
04:54

Survivorship Bias

Survivorship Bias
06:01

A Brief Recap and Learnings

A Brief Recap and Learnings
05:49

Quick Recap Quiz

Quick Recap Quiz
1 question
+ Extreme and Normal Distributions, and Bonus Lecture
3 lectures 15:16

Mediocristan and Extremistan

Mediocristan and Extremistan
07:47

The Black Swan

The Black Swan
06:52

Credits and Gratitude !

Credits and Gratitude !
00:37