The Hindsight Bias Occurs When Knowledge of an Outcome Influences

question 51

True/False

The hindsight bias occurs when knowledge of an outcome influences our belief about the probability that we could have predicted the outcome earlier.

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Definitions:

Accidents

Unplanned events that result in injury, loss, or damage, occurring as a result of unpredictable factors or circumstances.

Standard Deviation

A measure of the dispersion or spread in a set of values, indicating how much variation there is from the average (mean).

Mound-Shaped

Refers to a graphical representation of data characterized by a symmetric, bell-shaped curve typical of a normal distribution.

25th Percentile

Refers to the value below which 25% of the data in a data set is found.