Tag: Decision Theory
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GIGO – Garbage In, Garbage Out
The principle “Garbage In, Garbage Out” (GIGO) asserts the essential link between input data quality and output reliability, emphasizing the need for careful data validation. Rooted in computing history, its relevance spans across fields, advocating for meticulous data handling to ensure accurate outcomes.
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POSIWID – The Purpose Of a System Is What It Does
POSIWID, or “The Purpose Of a System Is What It Does,” posits that a system’s real purpose is evident through its outcomes, not its intended goals. This principle, applicable in various domains, emphasizes examining actual results to gain insights into system functionality and inform improvement strategies.
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Time Horizon
Time Horizon, a concept spanning various fields, refers to the duration over which decisions and investments remain relevant. It plays a crucial role in strategic planning, influencing risk management and long-term goal setting across different cultural and societal contexts.
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Game Rejection
Within game theory and philosophical contexts, Game Rejection signifies the act of declining participation in established strategic dynamics. It delves into the balance between individual agency and structural norms, revealing the intricacies of decision-making processes.
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Burn the Boats
The “Burn the Boats” strategy emphasizes unwavering commitment by eliminating options for retreat. Historically associated with Hernán Cortés in 1519, this approach has been applied in contexts ranging from military engagements to business initiatives, highlighting the depth of dedication to achieving an objective.
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Participant-Instigation
The concept of “Participant-Instigation” highlights the central role participants play in initiating actions or changes. Rooted in historical events, its modern manifestations are shaped by digital platforms across diverse cultural settings. The concept is measurable and carries ethical implications.
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Zugzwang
In chess, Zugzwang captures the paradox where moving worsens a player’s position, but inaction isn’t an option. This strategic conundrum, rooted in German terminology, also metaphorically frames challenging decisions in broader contexts, including business and international relations.
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Gall’s Law
Gall’s Law posits that effective complex systems evolve from simpler, functional predecessors. Widely applied in fields like engineering and organizational design, the principle advocates for an iterative development process that starts with basic, operational systems.
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Sensitivity Analysis
Sensitivity Analysis quantifies the impact of variable changes on a specific outcome within a model. Employed across various disciplines, it aids in risk assessment, model validation, and decision-making, offering metrics to represent sensitivity.