Quantifying the Intangible

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The chapter explores the concept of measuring everything that matters through observable consequences, including intangible things like love. It discusses the difference between direct and indirect measurements, using examples to demonstrate how important elements of life can be quantified with the right approach. The conversation extends to the resistance towards quantifying certain aspects, the value of data-driven decision-making in various scenarios, and the application of measurement in relationships and decision-making under uncertainty.

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Can we measure everything that matters to us? When is measuring the correlates of a thing pretty much just as good as measuring the thing itself? Why are some people resistant to measuring certain things? What are some things people should be measuring but aren't? What's the connection between measuring things and assigning probabilities to events? How much do we know about how well human intuition performs against "doing the math"? How inconsistent are we at applying our own principles in decision-making? What kinds of calibration training are effective? What is "value of information"? What is the Rule of 5? What are the top three things we can do to improve our decision-making?

Douglas Hubbard is an author, consultant, and recognized expert in decision theory and risk analysis. He has written several books on measurement and measuring risk. His work spans various industries including insurance, finance, pharmaceuticals, aerospace, military, energy, government, tech, and nonprofit organizations. Connect with Doug on LinkedIn, email him at dwhubbard@hubbardresearch.com, or learn more about his work at hubbardresearch.com.

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