In this chapter we touch on statistics and probabilities. We will look at a few interesting applications of statistics and will focus on how they affect decision making, because the main purpose of intelligent forecasting is to facilitate decision making and project control.
What is probability? What does it mean to you? For example, what does it mean if I say that you have 80% chance of making $100 profit when you invest $100?
It doesn’t mean much as a number on its own. It doesn’t tell us whether you will win $100 or not. It only starts meaning something ...