Understand the importance of quantifying uncertainty to make more informed decisions.
- Successfully making decisions in life…requires making lots of estimates.…A danger is forgetting that your estimates…are exactly that, just estimates.…You don't know for sure.…It's useful to have some idea of the level…of your uncertainty.…You need to know what you don't know.…For example, let's say that you have hiked…from the rim of the Grand Canyon…down to the Colorado River where you've camped overnight.…The next morning, you're going to hike…back up to the rim.…Your friend wants to greet you…at the rim to congratulate you…on the successful completion of the hike.…
So, how long will it take for you to hike…from your camping area near the river up to the rim?…Well, if you search online, you can see…that the average hiking time is five hours.…So, should you tell your friend…that you will leave the campground at 7:00 am…and arrive at the rim exactly five hours later at noon?…No, there's a good chance that your friend…will miss the grand completion of your hike.…You need to know that most people…finish the hike between three and a half and seven hours…
In this course, join accounting professors Jim and Kay Stice as they help you discover how to leverage the power of numbers to approach businesses problems and make everyday decisions. They explore the power of ratios and percentages, how to monitor and evaluate your budget, how to forecast the timing and amount of a business loan, and much more.
- Explain the rule of 72.
- Determine net income based on wholesale and retail costs.
- Apply the appropriate methods to convert fractions to percentages.
- Define “consumer price index.”
- Identify the difference between mean and median.
- Recall how to calculate conditional and unconditional probability.
Skill Level Beginner
1. The Power of Ratios and Percentages
2. Applied Probability and Statistics
3. Numerical Planning and Measurement
4. Interest: Paying and Earning
5. The Art of Numerical Estimation
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