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What you need to know about statistics

Author: Maxwell, Katrina INSEAD Area: Technology and Operations Management In: Web engineering - Mendes, Emilia;Mosley, Nile - 2006 - Book Language: EnglishDescription: p. 365-408.Type of document: INSEAD ChapterNote: Please ask us for this itemAbstract: How do you measure the value of data? Not by the amount you have, but by what you can learn from it. Statistics provide a way to extract valuable information from your data. It is a science concerned with the collection, classification, and interpretation of data according to well-defined procedures. For a manager, however, statistics are simply one of many diverse techniques that may improve decision-making. The purpose of this chapter is to develop a deeper understanding of the statistical methods I use to analyze software project data. Notice that I use the word "deeper", not "complete". I don't believe a software manager needs a complete understanding of statistics. We'll leave that to the statisticians. I do see a need, however, to help software managers extract what they need to know from everything there is to know about statistics.
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How do you measure the value of data? Not by the amount you have, but by what you can learn from it. Statistics provide a way to extract valuable information from your data. It is a science concerned with the collection, classification, and interpretation of data according to well-defined procedures. For a manager, however, statistics are simply one of many diverse techniques that may improve decision-making. The purpose of this chapter is to develop a deeper understanding of the statistical methods I use to analyze software project data. Notice that I use the word "deeper", not "complete". I don't believe a software manager needs a complete understanding of statistics. We'll leave that to the statisticians. I do see a need, however, to help software managers extract what they need to know from everything there is to know about statistics.

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