In today’s world, one is inundated with a great amount of data which is necessary to be analysed and utilized in order to reach the right conclusions. Someone who does not know the method or skills which are essential in order to make consistently beneficial or correct decisions, resembles a person wondering in a dark forest without a compass or source of light. Fortunately, for a formal or structured process of decision making, there are facilitating methods and tools which effectively represent the equivalent of a compass and lighting source for this important process. The book introduces, on elementary level, the concepts of “Probability”, “mathematical Expectation” and “Risk evaluation or analysis”, which together form the support base for the process of correct evaluation of data. This structure enables one to reach a useful or beneficial decision and select the best option out of a range of options with consistency and efficiency.
Numerous examples are offered, during the discussion, which help to clarify all elements involved in the definition and application of these concepts