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The Currency of Confidence Scores: When Should Analysts Quantify Uncertainty?

Introduction In an era where data-driven decisions dictate organisational success, analysts are expected not only to deliver insights but also to quantify uncertainty. Confidence scores—statistical measures that indicate the likelihood of an outcome being accurate—have become the currency of trust...
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Statistical Decision Theory: The Foundation for Making Optimal Decisions Under Uncertainty.

Picture a sailor navigating through fog. With no clear view of the horizon, they must rely on probabilities, charts,...
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