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When learning about the tools and techniques of Business Statistics, it’s important to not to approach this in an “abstract” or “academic” way. The discipline has evolved to bring real-world solutions to real-world problems. Organizations that have successfully implemented data analysis methodologies have often realized significant improvements in performance. In some cases, these improvements have turned them from a path to bankruptcy to a position of market leadership.
Our understanding of the benefits of sound statistical practices is strengthened when we study such examples. There is also much to be learned from studying organizations that were unable to adequately address data analysis challenges and have suffered losses in market share or profitability because of that.
Further, having real-world examples to draw on cannot only help us frame our own business improvement efforts, but can also provide sources of illustration and inspiration for our teams, as we lead them in their pursuit of business excellence.
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