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But fail to see a good reason to study something with such a weak foundation.

Statistical analysis is used everywhere on a daily basis, from billion dollar advertising campaigns to country population studies to the CDC preventing epidemics to Ford determining how many cars they will sell next year, ad infinitum. How do insurers calculate the cost of life insurance policies? If actuarial results are wrong, insurance companies go bankrupt. Manufacturers who ignore statistical data from their customers vis a vis inventory levels do not stay in business very long. The world today is literally built on statistical analysis.

KB, because you are ignorant of a process does not automatically mean that process has no value because you say so. At least you have an opinion, so now fire up the neurons and study something you do not currently appreciate. It might open your eyes.

“You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.” – Charlie Munger

kbs2244 wrote:I am sorry if I offend.
It is not my intention.

But; "confidence level" and "probability" do not raise my confidence level in the probability of a correct answer to an important problem. (Which, in the end, this is not.)

Good enough for a pitching change or for a horse race perhaps.
I am sure money has been made on decisions based on them.

But fail to see a good reason to study something with such a weak foundation.

@kbs: You intentionally offend, therefore your apology is hypocritical & meaningless. Your intent is to cast doubt upon any subject with which you disagree. (any subject that disagrees with your predetermined dogma) Your mission here is to cast doubt. Do you think that no one else can see that? Do you believe that you are subtle enough to carry that off? Not likely.