Monday, March 25, 2013

Well Said...

"Statistical thinking will one day be as necessary for efficient citizenship as the ability to read and write."

~ H G Wells

Herbert George Wells (1866-1946)

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1 comment:

William McKibbin said...

PS: I am reminded of a story told to me by a professor many years ago about the importance of understanding statistical forecasting. The story begins in a US Civil War setting back in 1864 with an officer reading and paraphrasing headlines from a newspaper to some soldiers who had gathered around eager to hear the news of the day.

"It says here that we suffered 50 percent casualties in Vicksburg the other day...," said the officer.

Upon hearing the report, a nearby soldier responded to the officer by asking, "Wow, is that a lot...?"

The moral of the story is that statistical forecasting is everyone's business, but most especially for the management of enterprise in the 21st century.

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