Bring Uncertainty Back
▻https://hackernoon.com/bring-uncertainty-back-e3777bc33c5d?source=rss----3a8144eabfe3---4
We need to bring uncertainty back to risk measurements.Suppose I ask you to measure the wingspan of a Boeing 747. Right now, wherever you may be, with the knowledge and tools you have on hand. You may say this isn’t possible, but Doug Hubbard has taught us that anything can be measured, once you understand what measurement is. With that mental hurdle out of the way, you can now measure the wingspan of a Boeing 747.There are two different approaches to this in modern business.Option 1: Think about the size of a passenger jet and say, “Big.”Technically, this answers my question. There’s a problem with this answer, however — it’s neither precise nor accurate. In everyday language, the words precise and accurate are used interchangeably. In areas of science where measurements are frequently used, (...)
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