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Go Spotting: Distinguishing Between Skill and Luck on LinkedIn

"How often do you gamble on behalf of your company?" wonders Bill Pieroni, Global Chief Operating Officer at Marsh in his October 11 post on LinkedIn. "It probably occurs more often than you think. The outcomes of most actions are often dependent on a combination of skill and luck. Skill involves impacting the outcome in a purposeful and measurable way. Luck dominates when an outcome is based on random, uncontrollable factors. It is useful to think about skill and luck on a continuum. For example, Wéiqí, a game of strategy, is dominated by skill, while winning the lottery is based on luck."