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Section 1 Operation Management Statistics

Section 1 Operation Management Statistics - Dr Harvey A...

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© 2006 by Harvey A. Singer 1 OM 210:  Statistical Analysis for  Management Some Simple Truths about Statistics Dr. Harvey A. Singer School of Management George Mason University
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© 2006 by Harvey A. Singer 2 Some Simple Truths Statistics and probability is central to rational and objective decision making. It is both the heart and backbone of rational, objective, decision making. Because decisions are based on the data and are therefore “defensible.” So it is imperative that every business student, regardless of eventual major and area of specialization, possess a solid knowledge of statistics and probability. Almost all employees of any organization will be called on to make decisions and exercise judgment requiring this knowledge.
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© 2006 by Harvey A. Singer 3 Some Simple Truths Statistics is supposed to make life easier, not harder. By learning from a sample of data. Instead of trying to learn from fundamental principles. Instead of trying to learn by taking a census of everybody or everything.
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