Future events are far from certain in the business world. This is especially true for smaller businesses, which tend to have more volatility than larger organizations, or newer businesses without a ...

Probability is the study of chance. I would argue that for most people, probability and statistics are the most important subset of mathematics after algebra. I believe it’s a failure of the United ...

Entrepreneurs and venture capitalists know there is no return without risk. But they can enhance their odds of success by tapping into the emerging field of probability management to better visualize ...

I recently led a webinar on the laws of thermodynamics, which got me thinking: A business is very much a closed system, such as a universe. Therefore, if entropy is always increasing in a closed ...

The primary goal of managerial accounting is to supply internal decision-makers with the information necessary to make good planning and cost-control decisions. While data, research studies and ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...