Mental Shortcuts Used to Help People in Estimating Probabilities Include

question 60

True/False

Mental shortcuts used to help people in estimating probabilities include the representativeness heuristic and can lead people to estimate that the odds of two uncertain events happening together are greater than the odds of either event happening alone.

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Definitions:

Assumption Cells

In spreadsheet modeling, cells where the user can input assumptions that affect the outcomes of predictive models or simulations.

Run Preferences

Specific choices or settings selected for a computational or simulation run to affect its behavior or outcome.

Latin Hypercube Sampling

Latin Hypercube Sampling is a statistical method used to generate a sample of plausible collections of parameter values from a multidimensional distribution, often used in uncertainty analysis and optimization.