Expected Value – A Mathematical Concept to Improve Your Decision Making Skills

Expected Value – A Mathematical Concept to Improve Your Decision Making Skills

Your success in life is determined by the decisions you make at various points. Make theright decision and you could move forward. Make the wrong decision and you could get stuck where you are or worse still, go backward. Unfortunately, many people have an instinctual approach towards decision making, rather than a logical approach. They tend to avoid risks at all costs and always try to opt for the ‘safe’ choice, even if it is not very profitable or effective in the long run. The truth is that in many cases, what you perceive as a ‘risky’ choice might not be nearly as risky or dangerous as you think. Now, the question is – how do you figure it out? This […]

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