Cost Benefit Analysis Real Life Examples - Sensitivity vs Selectivity

Why credit card fraud hasn't stopped in the US? How would you react if I said that the ideal amount of fraud in a credit card or similar company should not be zero? What would you say if I can prove to you that the ideal amount of unemployment in a country is non-zero? What if I say that the ideal number of heartbreaks is non-zero? Sounds extreme and unreal, right? Well, let me prove to you all these things in this FutureIQ episode where we talk about selectivity vs sensitivity in any system. Let's understand how security and convenience are correlated to each other and how can you benefit from this knowledge. Listen it on the podcast provider of your choice: https://tapthe.link/FutureIQRSS Hope you enjoyed FutureIQ by Navin Kabra and Shrikant Joshi. Do hit us up on Twitter: @ngkabra http://twitter.com/ngkabra @shrikant https://twitter.com/shrikant References from the video and other episodes: ROC Curve: https://tapthe.link/ROCurve Prisoner's dilemma: https://tapthe.link/Prisoner'sDilemma How to detect fraud using Benford's law: https://youtu.be/JHA2QpJKGN4 Understand Goodhart's law: https://youtu.be/OU5W-b_e8a4 Chapters: 00:00 Ideal way to prevent frauds 01:08 Sensitivity vs selectivity 03:19 Credit card frauds 06:00 Security vs convenience 07:35 Real life applications 09:36 Thinking like a VC 10:12 The balance #futureIQ #costbenefit