The Decision Problem Under Uncertainty

To those whom learn Statistics in their high schools and undergraduate courses it comes across often as a rather “boring” , “pedantic”, “math-heavy” subject with no intrinsic real world applications. I feel that this maybe due to the fact that sometimes the motivation for learning the subject is not clearly presented to the students and this in turns leads to demotivation in terms of not being able to visualize why they (the students) would need it in real life. One of the most important applications of Statistics is how to make better decisions based on the underlying body of evidence…