Guesstimate Utilizes Distribution to Predict Probabilities

By: Alyson Wyers - Jan 22, 2016
References: getguesstimate & fastcodesign
While Excel deals with certain data, this new spreadsheet software interprets probabilities. Currently in beta, Guesstimate is a new way of doing spreadsheets for things that are uncertain.

Created by software engineer Ozzie Gooen, Guesstimate helps you manage things where there isn't necessarily one right answer. The spreadsheet software uses distribution arithmetic to analyze a range of possibilities, making it easier to predict variables such as the best time to sell stock options.

Existing spreadsheets use averages rather than distribution, which doesn't take uncertainty into account. Grooen explains "this can be fine when the data comes from historic tables, but often it's just gut judgements. And in a spreadsheet, your gut judgements will look exactly like real data."