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"It should directly map into probability of default," he said.
The fine-tuning argument, when it is translated properly into probability theory, is solidly backed up by the mathematics.
Compute parameters using smoothing, in which computed-zero probabilities are smoothed into probability 0.01, and computed-nonzero probabilities are untouched.
A recently developed algorithm based on the concept of cokriging with block average data is woven into probability field simulation for building facies models.
Experimental results show that the proposed DSS is capable of modeling the experts' evaluations into probability function with a small error.
Further, the extreme-value reliability of structure is calculated effectively by incorporating into probability density evolution method based extreme-value system reliability (Li et al., 2007).
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Inherent spatial variability (ISV) of design soil properties (e.g., effective friction angle φ′) can be incorporated into probability-based geotechnical analyses and designs using random field models.
"The rest falls into probabilities, not certainties".
Most important, participants were taught to turn hunches into probabilities.
By creating these possibilities, he brought upon himself the responsibility of sustaining them and convening them into probabilities.
By jumping directly into probabilities, important uncertainty aspects could easily be overlooked or truncated.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com