1887

n South African Journal of Industrial Engineering - Note from the editor

Volume 29 Number 2
  • ISSN : 1012-277X

Abstract

“The world wants you to be vanilla. They want you to be the same as everyone else.” Ramit Sethi

Our feature article in this edition examines the value of money and the flaw-of-averages. One of the main insights provided is the contribution of uncertainty, typically manifested as the standard deviation of one of the input variables of a model, on the existence and severity of the flaw-of-averages. The existence and severity of the flaw-of-averages in three well-known and widely used industrial engineering models: compound interest, net present value, and decision trees, is investigated.

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/content/journal/10520/EJC-10ba1f0d08
2018-08-31
2019-05-24

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