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Essay / Research Paper Abstract
A 7 page paper discussing how the use of statistics and probability can be applied in making business decisions that affect the bottom line. The example used is a chemical manufacturer (Carstab) that produces a product needed by many customers but needed by one in higher grade. Most of the lots of product that Carstab makes is acceptable to this single customer, but nearly half are not. Carstab develops a pretest resulting in indicating that 90% of what the company sends the customer will be acceptable. The paper discusses this scenario, along with a "what if" discussion of a different set of probability values. Bibliography lists 8 sources.
Page Count:
7 pages (~225 words per page)
File: CC6_KSprobCarstab.rtf
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Unformatted sample text from the term paper:
knows that building a business case for some purpose can be skewed according to the position of the presenter. It was in the business environment that the phrase, "figures
dont lie, but liars figure" was born. In its purest form, however, statistics is the study of collecting and classifying a group of
facts according to some common quality. It is used to evaluate the effectiveness of a marketing program; to keep a gauge on the performance of the economy; and evaluate
data collected for research purposes, among other uses. The principle of sampling is central to todays applications of statistics. Rather than collect data from every point possible, the
statistician can select a sample of the larger population, determine the information held within that sample and then apply results to the entire population from which the sample was taken.
Problems The study of statistics has been in existence long enough that Mark Twain could observe in the 19th century that there are
three kinds of lies: lies, damned lies and statistics. Statistics provides a means of analyzing research data that would be difficult if not impossible to analyze otherwise, but
it also has direct applicability to daily life and business. Indeed, the entire management school exemplified by Total Quality Management (TQM) grew from Walter Shewarts and J. Edwards Demings
efforts to bring manufacturing into statistical control well before World War II. TQM depends on statistical measure to determine manufacturing effectiveness in the characteristics identified as being important.
Misuse of statistics likely gave rise to Mark Twains comment, for statistics can be used to "prove" anything at all (Endangered Statistics, 2000).
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