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Extra resources for Finance - Probability and Statistics Textbook
Sample text
The use of statistics in business has grown over the years as a result of political, social, technological, and economic forces that have affected our world economy. Each new force has created a new need for statistics that typically results in new concepts, methods, tools, and applications. For example, World War II created the need for statistical quality control: Munitions needed to be manufactured consistently to very tight tolerances. The need for statistical design of experiments resulted from the demand for major increases in farm production in the early 1900s, which required experimentation with new farming techniques.
The need for change is driven by increasing customer demands for more responsive companies and for higher quality products and services at lower costs. Global competition is affecting economies around the world; indeed we now have a global economy. S. 2. S. economy in the 1950s and 1960s, but things clearly changed in the 1970s and 1980s. S. economy. S. Balance of Trade, 1964–2010 imports) was positive until 1971, when it turned negative. Despite some positive upturns, it remained significantly negative in the 1980, 1990s, and into the twenty-first century.
S. hourly earnings had not reached the levels of the early 1970s. This indicates a declining standard of living for the United States as a whole. S. economy in other ways as well. Companies find it difficult to compete, which results in layoffs, downsizing, mergers, and bankruptcies. Many of 1960s Fortune 500 companies are not in business today. S. indd 6 3/2/2012 4:22:45 PM N e e d f o r B u s i n e ss I m p r o v e m e n t ╛╅ 7 1896. In the new millennium, the Internet and social media are driving forces.