Slide 14 of 62
Notes:
Mathematicians, more specifically probability theorists and statisticians have both qualitative and graphic tools for describing this uncertainty associated with a future state. These are probability distributions, in which the various possible outcome a
The ‘shape’ of the distribution is described by a series of values, known as statistical moments, that include the mean, or average, the variance, the skewness and so on.
According to Mark Spearman, “people seem to have pretty good intuition for the first moment, but not much when considering moments two and above.”
