Recitation 1- Flaw of Averages

Recitation 1- Flaw of Averages - Flaw of Averages Plans...

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Click to edit Master subtitle style 9/30/11 Flaw of Averages Plans based on average assumptions are wrong, on average.
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9/30/11 Why Statistics? Statistics is the study of random variables (numbers you don’t know) through their distributions. Why bother? Why not just use a “middle” value? For example, for a certain conference, anywhere from 200 - 300 people could possibly register. So, shouldn’t we plan for 250 people? NO !
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9/30/11 Savage, Sam. "The Flaw of Averages." Stanford University. Web. 15 June 2010. <http://www.stanford.edu/~savage/flaw/>. A drunk man is stumbling along a busy highway. His average position is along the centerline, so he should live, right? Example: A drunk man
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9/30/11 Example: Statistician Crossing a River Savage, Sam. "The Flaw of Averages." The Flaw of Averages. Sam Savage, 2000. Web. 15 June 2010. <http://www.analycorp.com/uncertainty/flawarticle.htm>.
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9/30/11 Seriously though, why should one care about the Flaw of Averages?
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9/30/11 A Practical Example: Retirement
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This note was uploaded on 09/30/2011 for the course ENGRD 2700 at Cornell.

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Recitation 1- Flaw of Averages - Flaw of Averages Plans...

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