Probability management is the discipline of communicating and calculating uncertainties as auditable data arrays called Stochastic Information Packets or SIPs. This course provides a basic introduction to the subject.
An introductory-level course by StanfordOnline
"The Arithmetic of Uncertainty: Probability Management" is an introductory-level course offered by StanfordOnline that revolutionizes how we approach data analysis and statistics. This course is designed to help students overcome their "Post Traumatic Statistics Disorder" and embrace uncertainty in decision-making processes. By focusing on the innovative concepts of the Flaw of Averages and the Arithmetic of Uncertainty, learners will gain valuable insights into managing probability and risk in various scenarios.
While no formal statistics training is required, students should be comfortable using Microsoft Excel. To receive a verified certificate, learners must download the free SIPmath™ Modeler Tools for Excel from ProbabilityManagement.org. It is also recommended that students obtain "The Flaw of Averages: Why we Underestimate Risk in the Face of Uncertainty" by John Wiley & Sons (1st or 2nd Edition).
This course is ideal for professionals, students, and decision-makers who want to enhance their understanding of probability, risk management, and data analysis. It's particularly beneficial for those involved in project management, financial planning, and strategic decision-making who seek to improve their ability to handle uncertainty in their work.
By completing this course, learners will gain a competitive edge in data analysis, statistical interpretation, and decision-making under uncertainty. The practical skills and theoretical knowledge acquired will enable students to approach complex problems with confidence and clarity, making them valuable assets in any organization dealing with risk and uncertainty.
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This course covers introductory probability theory that can be applied to risk management. Topics covered include an introductory examination of descriptive statistics of data sets, the interpretation of histograms, and the development and application of discrete probability models commonly used to model business risk.
The first in a series of four courses which help you to master statistics fundamentals and build your quantitative skillset for progression in high-growth careers, or to use as step towards further study at undergraduate level.
