Project #37988 - Business Stat Discussion Question

This is a Business Stat Discussion question APA Format and References

An understanding of variation is perhaps one of the most important concepts that quantitative analysis is designed to illuminate. Quality management has long focused on the issue of understanding and managing variation as a focus of improving quality. Perhaps the most famous "guru" of this approach was Edwards Deming who was credited with helping build the Japanese manufacturing revival after World War II.

We humans tend to have short memories and forget how much variation has occurred in the weather, the economy, in human performance, etc. Thus we tend to think of the most recent event as being perhaps truly unusual when in fact such events have happened before. For example, one year it snowed 12 inches in Upstate South Carolina over a few hours and many people acted as such an event had never occurred. Yet it had happened several times over a 50 year time span, though it is not the "average" we receive in a given snow event.

Please share examples of variation that appear to show "record" events when the reality is that it is just random variation that sometimes occurs.

Subject Business
Due By (Pacific Time) 08/19/2014 12:55 am
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