Bill Woodring
1 article

What the Gambler’s Fallacy Can Teach Us About Risk

Don't ignore Murphy's Law when making business decisions.

Have you ever heard of the gambler’s fallacy? In essence, it’s a cognitive bias in which one assumes that future probabilities are affected by past events. In other words, it’s the belief that something bad won’t happen in the future because you avoided calamity in the past. There’s a valuable business lesson within this misconception. […]