Full metadata
Title
Balancing the Present and Future: Making Valuable Predictions for Continuous Improvement in Management
Description
In the words of W. Edwards Deming, "the central problem in management and in leadership is failure to understand the information in variation." While many quality management programs propose the institution of technical training in advanced statistical methods, this paper proposes that by understanding the fundamental information behind statistical theory, and by minimizing bias and variance while fully utilizing the available information about the system at hand, one can make valuable, accurate predictions about the future. Combining this knowledge with the work of quality gurus W. E. Deming, Eliyahu Goldratt, and Dean Kashiwagi, a framework for making valuable predictions for continuous improvement is made. After this information is synthesized, it is concluded that the best way to make accurate, informative predictions about the future is to "balance the present and future," seeing the future through the lens of the present and thus minimizing bias, variance, and risk.
Date Created
2015-05
Contributors
- Synodis, Nicholas Dahn (Author)
- Kashiwagi, Dean (Thesis director, Committee member)
- Barrett, The Honors College (Contributor)
- School of Mathematical and Statistical Sciences (Contributor)
Topical Subject
Resource Type
Extent
37 pages
Language
Copyright Statement
In Copyright
Primary Member of
Series
Academic Year 2014-2015
Handle
https://hdl.handle.net/2286/R.I.28624
Level of coding
minimal
Cataloging Standards
System Created
- 2017-10-30 02:50:57
System Modified
- 2021-08-11 04:09:57
- 2 years 8 months ago
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