Questioning statistics | Business & Finance homework help

Please answer these questions in your own words. Thanks.

 

1-During election years, we are inundated with statistics.

Here are a couple from recent years:

Unemployment rate has dropped from 8% to less than 6%;

The number of Americans with Health Care has improved by 10%.

Find examples of others, and discuss whether or not you think they are valid.

 

2-Think of some data that comes into your business or personal life on a daily basis. How do you translate that data into information and action?

 

3-One of the things I remember most from my days in aerospace is the tendency to reach a point of “Paralysis by Analysis.”

In the constant warfare among Finance, Manufacturing and Quality, some managers and directors very cleverly would ask for more data when they wanted to stifle a potential new project.

 

How might you address this maneuvering in the real world?

Do you have any examples of “Paralysis by analysis”?

 

4-What do you think is a good Confidence Level for the following:

Determining how many employees to hire for the Christmas rush in retail?

Deciding whether parts coming in from a supplier can be used on a new model car?

Budgeting for unexpected personal finance impacts in the coming year?

Explain your answers.

 

5-How about the issue of “timing”?

There must be a motivator to present statistical data and analysis that shows change is needed.

One reasons management (especially mid level management) questions all data is that the perception is out there that someone is doing something wrong and turf has to be protected.

 

The best time to present such data and analysis is if a problem in cost, scheduling or quality has occurred.

The someone might, indeed, listen!

Other comments?

 

 

 

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