As the chapter terminates, it has imparted me with exclusive knowledge on the today’s business realities and where there is a constant need to improve the current business activities to fit in the competitive world of business. For instance, the chapter has pretty integrated statistics with business processes and as the main backbone of any change. Today’s business environment is continually becoming dynamic the economy is changing too – translating to the idea that new tastes and preferences by the consumers and new competition strategies by the businesses (Hoerl & Snee, 2012). Consequently, these changes have reshaped the business approaches and have exclusively acted as the main drivers of improvement for survival for the businesses. Economically, it is clear that technological advancement, globalization, and diversity among the global business participants and consumers have injected significant barriers and opportunities for businesses and this translates to changes in consumption behavior by the consumers.
Statistical thinking is addressed as a powerful tool among the businesses as it facilitates the improvement process (Hoerl & Snee, 2012). I am shocked to find that statistics almost applies to every business process and this is driven by the fact that the modern business improvement model has two jobs – improving personal knowledge and getting the business work done. Notably, the improvement part of any business operations aims to match the consumer needs and its current business activities (Hoerl & Snee, 2012). Tentatively, I now understand that statistics plays a critical role in different improvement activities and techniques such as benchmarking, lean manufacturing, total quality management activities and self-managed team activities. Since these activities target to improve the existing business model, they are more focused on reducing variations and improve the control process for enhanced results.
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Lastly, I learned about the statistical principles that apply to the business improvement process. For instance, the supposition that Hoerl and Snee (2012) makes on the interconnectivity of business process indicates that statistical techniques are applied to reduce the potential variations to allow smooth running of all the activities. I think this is plausible because; as much as the departments do different tasks, the overall business productivity (output) is the most aspect of interest. Therefore, the existence of variation in the production process in either of the department can disorient or slow down the production process or even produce substandard products that do not satisfy consumers (Hoerl & Snee, 2012). Consequently, this drives a loss in business and such a business would be forced out of the market.
References
Hoerl, R., & Snee, R. D. (2012). Statistical thinking: Improving business performance (Vol. 48). John Wiley & Sons.
