Explaining

Question 1

Hanlons Razor

Answer 1

 “Never attribute to malice that which is adequately explained by carelessness.”

Question 2

Occam’s Razor

Answer 2

 “Among competing hypotheses, the one with the fewest assumptions should be selected.”

Question 3

Cognitive Bias

Answer 3

Tendencies to think in certain ways that can lead to systematic deviations from a standard of rationality or good judgments.

Question 4

5 why

Answer 4

“to determine the root cause of a defect or problem by repeating the question ‘Why?

Question 5

Scenario Analysis

Answer 5

A process of analyzing possible future events by considering alternative possible outcomes.”

Question 6

Pareto

Answer 6

“for many events, roughly 80% of the effects come from 20% of the causes.”

Question 7

Black swan

Answer 7

a metaphor that describes an event that comes as a surprise, has a major effect, and is often inappropriately rationalized after the fact with the benefit of hindsight.”

Question 8

Normal Curve

Answer 8

A very common continuous probability distribution…Physical quantities that are expected to be the sum of many independent processes (such as measurement errors) often have distributions that are nearly normal.”

Question 9

Sensitivity Analysis

Answer 9

The study of how the uncertainty in the output of a mathematical model or system (numerical or otherwise) can be apportioned to different sources of uncertainty in its inputs.”

Question 10

Cost benefit Analysis

Answer 10

A systematic approach to estimating the strengths and weaknesses of alternatives that satisfy transactions, activities or functional requirements for a business.

Question 11

Simulation

Answer 11

The imitation of the operation of a real-world process or system over time.”