Statistics for Managers

Anonymous
timer Asked: Oct 27th, 2013

Question Description

I don’t know how to handle this Business question and need guidance.

Discussion 1

Numbers and measurements are the language of business.. Organizations look at results, expenses, quality levels, efficiencies, time, costs, etc.  What measures does your department keep track of ?  How are the measures collected, and how are they summarized/described?  How are they used in making decisions?  (Note: If you do not have a job where measures are available to you, ask someone you know for some examples or conduct outside research on an interest of yours.) 

Discussion2

Managers and professionals often pay more attention to the levels of their measures (means, sums, etc.) than to the variation in the data (the dispersion or the probability patterns/distributions that describe the data).  For the measures you identified in Discussion 1, why must dispersion be considered to truly understand what the data is telling us about what we measure/track?  How can we make decisions about outcomes and results if we do not understand the consistency (variation) of the data?  Does looking at the variation in the data give us a different understanding of results?

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