four
5,087 posts
msg #130189
- Ignore four |
7/31/2016 1:27:15 PM
In Douglas Hubbard’s book “How to Measure Anything: Finding the Value of Intangibles in Business”[affiliate], he presents a method of putting bounds around fuzzy issues in a way that helps you clarify your thinking. He calls it the Rule of Five.
Making Great Estimates with the Rule of Five
Hubbard says that if you collect five random samples, then you can be 93% certain that the median (let’s call it the most likely answer) will be between the smallest and largest result. In other words, with just five survey results, you can define the range in which your “most likely answer” lives.
http://leadinglandlord.com/rule-of-five-landlord-tips/
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