Competition should not be for a share of the market-but to expand the market.
W. Edwards DemingRead
The only useful function of a statistician is to make predictions, and thus to provide a basis for action.
Interpretation
What this quote means
Statisticians use data to foresee future trends and guide decision-making.
This quote emphasizes the primary role of a statistician as being predictive in nature. Instead of merely collecting or analyzing data for its own sake, a statistician's effectiveness lies in their ability to apply statistical methods to forecast future outcomes and influence effective decision-making in various fields, thereby turning insights into proactive actions.
Themes
StatisticianPredictionsDataActionDecision-Making
In practice
Example use cases
A business meeting where data trends are discussed to plan future strategies.
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