management
management

Statistics and How They Apply in Management

Fri Jul 02, 2010 7:54 am
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Comments: 0 Views: 279

There is an old adage that Statistics do not lie! Well, maybe its not the statistics but rather the person/s interpreting the statistics they may be the "fibbers". Statistics can be manipulated to meet the needs of the situation at that point in time. An Immediate example that comes to mind is how the Federal Government literally "mauls" the data/statistics relative to employment data each and every reporting cycle.

What a shrewd leader/manager must do is either be competent to read between the lines by means of their own knowledge or have a person/s trustworthy to provide the independent analysis of the Statistics.

Another point very relevant to statistics is how were the data gathered? Did the process leave room for doubt? Was the methodolgy the best to use in gathering the Data?

Bottom line, "garbage in means garbage out!"

 



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