Introduction to Probability Management @ Stanford University

Online Course (self-paced)
Mathematics & Statistics Big Data & Analytics

Price: Free

Length: 10 weeks
Effort: 1-5 hours per week
Level: Introductory


Probability management is the discipline of communicating and calculating uncertainties as auditable data arrays called Stochastic Information Packets or SIPs. This course provides a basic introduction to the subject.

This course assumes that you are comfortable with Microsoft Excel, but you do not need training in statistics.

What you'll learn

  • How to recognize the Flaw of Averages, a set of systematic errors that occur when uncertainties are represented by single numbers, usually an average. It explains why so many projects are behind schedule, beyond budget, and below projection.

  • The Arithmetic of Uncertainty , which performs calculations with uncertain inputs, resulting in uncertain outputs from which you can calculate true average outcomes and the chances of achieving specified goals.

  • How to create Interactive Simulations which may be shared with any Excel user without the need for add-ins or macros. The approach is just as at home in R, Python or any programming environment that supports arrays.


If you wish to receive a verified certificate, you must download the free SIPmath Modeler Tools for Excel from nonprofit ProbabilityManagement.org, and it is recommended that you procure The Flaw of Averages: Why we Underestimate Risk in the Face of Uncertainty, John Wiley & Sons, either the 1st or 2nd Edition.

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