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Comparison ChartOver the past several decades, the analysis of events, processes and business decision-making has been pursued primarily through either deterministic or statistical approaches. Deterministic approaches have focused strictly on the physical characteristics of a particular event or decision (e.g. a behavioral model) and on arbitrary corrections when the method fails. To the contrary, the statistical approach ignores any physical attributes that define an event, but instead limits itself to the interpretation of pure statistical data that may be flawed or difficult to obtain. Both approaches compound their own inherent flaws as these two disciplines of extremes work in isolation, failing to consider the uncertainties involved in any process. However, the Probabilistic Approach considers both the physical and statistical aspects of any process while taking into account the uncertainties associated with the process itself as well as the individual factors that drive the event or decision. In doing so, the Probabilistic Approach optimizes event analysis and decision-making, thriving where deterministic and statistical models either fail to succeed and/or produce costly, inefficient and non-optimal solutions. 
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Last Updated 11/12/08
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