Isye 2027

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Unformatted text preview: about such things as health, finances, and job opportunities. Hopefully you are convinced that uncertainty is all around us, in our daily lives and in many professions. How can probability theory help us survive, and even thrive, in the face of such uncertainty? Probability theory: • provides a language for people to discuss/communicate/aggregate knowledge about uncertainty. Use of standard deviation is widely used when results of opinion polls are described. The language of probability theory lets people break down complex problems, and to argue about pieces of them with each other, and then aggregate information about subsystems to analyze a whole system. • provides guidance for statistical decision making and estimation or inference. The theory provides concrete recommendations about what rules to use in making decisions of inferences, when uncertainty is involved. • provides modeling tools and ways to deal with complexity. For complex situations, the theory provides approximations and bounds u...
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This note was uploaded on 02/09/2014 for the course ISYE 2027 taught by Professor Zahrn during the Spring '08 term at Georgia Institute of Technology.

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