Statistical Analysis for Decision Making Posts
Sample size problems are often very difficult. But in this case, with pass-fail tests, a relatively simple formula is available, and the Pocket Stats version is easy enough to memorize. In my career, few formulas have been as useful as this one.
Keep things as simple as possible, but not simpler. – Albert Einstein (paraphrased)
When I was a kid, my big sister drove a red 1967 VW Bug. In its day, this was an innovative car. It had 54 horsepower, a two-speed wi...
Have Confidence in Your Statistical Analysis!: Learning How to Use Confidence Intervals
Published: 2009-08-17
Published: 2009-08-17
Confidence intervals are the most valuable statistical tools available to decision makers. However, for a variety of reasons, confidence intervals are not used as frequently as they should. This article answers two questions that are often misunderstood.
There has been a great deal of conversation in the media regarding our healthcare system lately. With that in mind I thought I would share an example brought to me by one of my colleagues serving the healthcare industry, where the hospital client use...
Sales, Six Sigma and Statistics: How One Team Used Statistical Analysis to Solve a Sales Challenge and Make Money
Published: 2009-05-18
Published: 2009-05-18
It is harder and harder to meet profit and sales projections in this struggling economy. Especially hard if your business is influenced by heavy competition for your products and/or services. We are seeing consumers shift their day-to-day buying deci...
Part 2—Fisher One-Sample Sign TestThis two-part article of this column presents two well-established statistical tools that are easy to remember.
The ability to make the right decision quickly is essential in business. When decisions involve interpreting data, it is tempting to go with "gut feel" rather than wait for a statistician or a computer analysis. But what if you could quickly decide w...
Business Process Improvement During an Economic CrisisThese may not be the worst of times, but they certainly aren’t the best of times. The current financial climate is creating challenges everywhere, ranging from business su...
