By George Kuttickal Chacko
In this thorough volume Chacko undertakes the analysis of 24 real-life decision-making situations, both those with few data points (e.g., Cuban Missile Crisis), and many data points (e.g., aspirin for heart attack). These situations encompass decision-making in a variety of business, social and political, physical and biological, and military environments. Though different, all have one characteristic in common: their outcomes are uncertain/unknown, and unknowable. Chacko demonstrates how the decision-maker can reduce uncertainty by choosing probable outcomes using the statistical methods he introduces.