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The graph above illustrates the problem. Much of the time the middle section of the graph, the part all the way over on the right, should be smaller. Again, much of the time, the tails of the graph actually do not fall off anywhere near as sharply as Gaussian distribution suggests, and should be bigger (the supposedly rare events are less rare than the distribution suggests). Outside events, which the Gaussian distribution suggests should be disregarded as noise, may have some validity and should be investigated. The “average expected” middle, which the Gaussian distribution suggests will have that nice distribution around it, is also not quite as big as we are led to believe.
They don’t teach this in an MBA program. They should.
