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Practical Application Of Statistics

            The purpose of statistics is to enable the people and the organization to manage variation better: To identify sources of variation, and continually reduce process variation, to improve value provided to the customers of that organization. This means improving the ability of all key processes of the organization to serve the customer.
             Mean, mode, and median are types of measurement in statistics. The mean is the average number, while the median is the center number. In this case if the mean price of a house is higher lower than the median it would show that there is one or more low priced houses. This might be an indication that the neighborhood might have some issues that you would want to look into such as flooding.
             The mode is the most common number on the list. Back to our housing prices, if the mode was $100,000 then you would know that is the most common cost. All of these measurements are a form of centering. Depending on the information you need would determine which kind of centering you would use. .
             Standard deviation represents the variability in values. It is computed by the square root of the variance. The standard deviation can be used to show the break down information on different kinds of wheelchairs. Invacare uses it to show if there is a particular part that fails after a certain amount of time and on what type and usage amount the wheelchair endures. This gives a good picture of what needs improvement in the next round of engineering. .
             The object of sampling is to make inferences about a specific population of interest based on the information contained in the sample. This is shown at Invacare when it was looking into ways to be more efficient by reducing the workload and cost associated with auditing small dollar invoices. Modifications were made to Invacare's accounting system to allow for the implantation of statistical sampling for auditing purposes. During the 1995/96 fiscal year, a sampling threshold for auditing invoices was established at $250.


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