Thinking Two Moves Ahead with Analytical Tools

Considering the performance of the stock market over the past few years combined with current economic conditions, many financial institutions are analyzing their processes for improvements. Unfortunately, the majority of process improvement tools available to Six Sigma practitioners – such as cause-and-effect diagrams, Pareto charts, histograms and scatter plots – have been used for analyzing…

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Taking Advantage of the Age of Statistics: Part 2

Part 1 of this article helped practitioners understand the key drivers for the growth of statistics, introduced some leading analytics competitors and outlined the high-level profit roadmap. Now it is time to begin using the tools. Part 2 describes some statistical tools practitioners can use for predictive decision making. Applying the Analytics Tools Two key…

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Taking Advantage of the Age of Statistics: Part I

One of the most memorable quotes from the movie The Graduate (1967), staring Dustin Hoffman, is the brief exchange between young Benjamin and a family friend, who offers the following advice: Mr. McGuire: I want to say one word to you. Just one word. Benjamin: Yes, sir. Mr. McGuire: Are you listening? Benjamin: Yes, I…