Understanding Chance w/ Dr. Michael Orkin

Dr. Michael Orkin is a statistics professor at Berkeley City College and a consultant known for his work on probability and gambling games. He is the author of several books, including The Story of Chance - What's Luck Got To Do With It?.

Mentioned on the Show

• Read The Story of Chance: Beyond the Margin of Error, by Michael Orkin: https://a.co/d/0gFTe7oh
• Connect with Dr. Mike Orkin on LinkedIn: https://www.linkedin.com/in/dr –mike –orkin –5600584
• O’Brien and Michael Orkin discuss several books including: Fooled by Randomness by Nassim Nicholas Taleb; The Black Swan by Nassim Nicholas Taleb; Beat the Dealer by Edward Thorp; Number Go Up by Zeke Faux; The Psychology of Money by Morgan Housel; The Talent War

Timestamps
(00:00:00) – Michael Orkin, PhD joins O’Brien McMahon on People Business 

(00:01:55) – Why are we so uncomfortable with randomness?

(00:02:38) – Where do we benefit from embracing randomness, and where should we fight for order?

(00:12:54) – Why are we so bad at gauging probability?

(00:15:30) – Should we stop talking in probabilities for complex things?

(00:21:44) – How do we know if we are skilled or it’s just chance (or luck)?

(00:22:36) – Does luck play a role in success?

(00:35:12) – Understanding the normal distribution curve

(00:37:22) – How can companies think about elevating the talent that they have?

(00:42:17) – What are the best ways to get feedback from our workforce or team?

(00:44:18) – What would be the best way to get insightful information from large groups?

(00:46:23) – The Lollapalooza story

(00:49:24) – Where to find the book The Story of Chance: Beyond the Margin of Error, by Michael Orkin