Statistics mean never having to say you’re certain…
The column explores the issue of statistical uncertainty by challenging the assumption that all possible outcomes are equally likely.
by T. McGrail
In this column, T. McGrail explores the issue of statistical uncertainty by challenging the assumption that all possible outcomes are equally likely. By using examples such as crossing the road and predicting rain during a drought, it emphasizes the need to consider available data and historical patterns to estimate the likelihood of specific outcomes.
This column reminds us that statistics should be viewed as a tool rather than an infallible predictor. It stresses the importance of data, patterns, and individual observations when making informed assessments. Regarding the transformers, we are performing tests and using statistical guidance to make informed decisions to the best of our ability.
Read on about this topic in our new column.
#binary outcomes#condition assessment#data analysis#deterioration#expected values#failure modes#historical patterns#statistical uncertainty
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