The meaning of “Advance” to commercial activities is equivalent to “Adding Value”, specially it is achieved through the following means:
- Higher profits from offering product or services. Higher profit is achieved through selling product or services at higher prices, this means finding the product or services can be sold at higher prices in general, or locating the customer segments who are willing to pay for it, or both.
- Lower cost in producing the product or services. Optimization of production or creation process may decrease costs in producing product or services. Optimization means better utilization of currently available resources, or finding alternative resources that cost less.
- Discovery of new product or services that usually afford higher profit margin in early market offering stage where competition is rare, therefore beat the traditional competition,
- Overcome road blocks in developing and maintaining products or services to meet contractual or bidding requirements,
- Improvements of government service expected by the public.
Major statistical applications mentioned below can add commercial or governmental organizations to achieve these goals, in a way that are faster, and may not even be possible using traditional administrative or make-believe approaches, that non-specialists tend to regard as effective. Persons promoting these approaches to future clients should fully understand the clients problem, and the advantages of the mentioned below methodology over traditional methods.
The story may be long, but here is a broad overview. More detailed scenarios, applications or novel solutions may be expanded in future posts.
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Data Mining, Machine Learning and AI
Organizations that will benefit:
How it adds value:
Scenarios:
Statistical Modeling
Organizations that will benefit:
How it adds value:
Scenarios:
Survey Research
Organizations that will benefit:
How it adds value:
Scenarios:
Discovery Methods, Innovation and Manufacturing Improvements
Organizations that will benefit:
How it adds value:
Scenarios:
Quality Control, Statistical Process Control
Organizations that will benefit:
How it adds value:
Scenarios:
