Modern businesses generate and consume increasingly large amounts of data. Information is needed to support operational and strategic decisions. Despite the advent of Big Data tools and technology, most organizations I have worked with aren’t able to take advantage of the data or tools in their daily work. While greater awareness of human visual perception… Continue reading The Missing Information in Business Metrics
Tag: Decision Making
The Practical Value of a Statistical Method
Shortly after I wrote my last blog “On Statistics as a Method of Problem Solving,” I received the latest issue of Quality Progress, the official publication by the American Society for Quality. A Statistics article “Making the Cut – Critical values for Pareto comparisons remove statistical subjectivity” caught my attention because Pareto analysis is one… Continue reading The Practical Value of a Statistical Method
On Statistics as a Method of Problem Solving
If you have taken a class in statistics, whether in college or as a part of professional training, how much has it helped you solve problems? Based on my observation, the answer is mostly not much. The primary reason is that most people are never taught statistics properly. Terms like null hypothesis and p-value just… Continue reading On Statistics as a Method of Problem Solving