Rule 3: Small is beautiful, but it is also efficient. of scale. They Experts in
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Rule 3: Small is beautiful, but it is also efficient. of scale. They Experts in business and government are always talking about economies say that ngtesize of projects and institutions brings cost savings. But the en too large, isn't so efficient. Size produces visible benefits but also hidden es exposure to the probability of large losses. Projects of $100 million seem tend to have much higher percentage overruns than projects of, say increasing the risks; it increas rational, but t 310 million. Great size in itself, when it exceeds a certain threshold, produces ira consider the 60 can eradicate all the fror consider the de gains from economies of scale. To see how large things can be fragile slightest fdmerenc between an elephant and a mouse: The former breaks a leg at the slightest fall while the latter is unharmed by a drop several multiples of its hei explains why we have so many more mice than elephants by a dro 65 Rule 4: Trial and error beats academic knowledge. crucially- that they can learn from errors. Tinkering by trial and error has traditionally advances in theoretical science have mos dropouts in the computer industry ngs that are antifragile love randomness and uncertainty, which also means played a larger role than directed science in Western invention and innovation. Indee t often emerged from technological development, r0 which is closely tied to entrepreneurship.9 Just think of the number of famous college But I don't mean just any version of trial and error. There is a crucial requirement to achieve antifragility: The potential cost of errors needs to remain small; the potential gain should be large. It is the asymmetry between upside and downside that allows antifragle 75 tinkering to benefit from disorder and uncertainty America has emulated this earlier model, in the invention of everything from cybernetics to the pricing formulas for derivatives. They were developed by practitioners in trial-and-error mode, drawing continuous feedback from reality. To promote antifragility we must recognize that there is an inverse relationship between the amount of form 80 education that a culture supports and its volume of trial-and-error by tinkering. Innovation doesn't require theoretical instruction, what I like to compare to "lecturing birds on how toExplanation / Answer
20. Correct Answer - 2
Increasing the size and the scal of projects may bring about many unexpected losses and losses can also be big.
21. Correct Answer - 1
It means it has imitated.
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