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2018-02-20

STATISTICS IN DECISION MAKING

Perhaps, study programmes or tutors haven’t been able to awaken the urgency in its students to realise that nowadays, many companies perceive statistics as a strategic tool in business.

However, there are many stories of success which have set a turning point towards a better and more efficient business models.

The most obvious success story would be Japan’s development after the II War. The union between Japanese scientists and engineers and the decision to hire Edward Deming to teach statistic to the country’s engineers. Nowadays in Japan, Deming is considered the father of the third industrial revolution. 

In sport, statistics is also used as a success tool, to such an extent that its even echoed in cinema. “Breaking the rules” is a clear example. In this movie based on true events, statistics revolutionized a humble baseball team managed by Brad Pitt. Undoubtedly, it’s now a common tool in high - level locker rooms.

In the scientific method, basis of the evolution of human being knowledge, which is still in analysis phase, statistics is used to demonstrate this hypothesis. So, the difference between proverbs and science is in statistics.

However, the implementation within the manufacturing industry has not been as evident: normally statistical knowledge, when it exists, is only confined in some areas.

Only privileged visionaries can make decisions without data and succeed most of the time. The rest of us, must use statistics to analyse data to succeed in 95% of the cases.

Currently, statistical programs are available for everyone; it’s contribution to decision making is so clear and obvious that we should implement statistics in our companies.

Just like power without control is of no use, data without the statistics isn’t either.

Let's talk statistics

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