Chapter 1

Chapter 1 - Problem solving model: 1. Understand the...

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Chapter One: The Role of Statistical Thinking in Management Four issues must be addressed if statistics is to become an integral part of management: Managers must understand why they need to possess statistical knowledge. Current and future managers must have this knowledge. Steps must be taken to ensure that the knowledge is used. The payoff from the knowledge and its application must be measured. Paradigm – a model, theory, perception, assumption, or frame of reference
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Unformatted text preview: Problem solving model: 1. Understand the problem. 2. Collect and analyze data. 3. Draw conclusions and make recommendations. 4. Communicate the results. Three key components to statistical thinking: We must use data whenever possible to guide us. We must look for connections and relationships. We must understand why data values differ from each other. Statistics a branch of mathematics dealing with the analysis and interpretation of masses of data...
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