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Post‐financial meltdown: What do the services industries need from us now?
Author(s) -
Hoerl Roger W.,
Snee Ronald D.
Publication year - 2009
Publication title -
applied stochastic models in business and industry
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.413
H-Index - 40
eISSN - 1526-4025
pISSN - 1524-1904
DOI - 10.1002/asmb.805
Subject(s) - recession , order (exchange) , great recession , service (business) , financial services , tertiary sector of the economy , six sigma , financial crisis , economics , business , finance , marketing , lean manufacturing , macroeconomics , labour economics
In 2008 the global economy was rocked by a crisis that began on Wall Street, but quickly spread to Main Street U.S.A., and then to side streets around the world. Statisticians working in the service sector are not immune, with many concerned about losing their jobs. Given this dramatic course of events, how should statisticians respond? What, if anything, can we do to help our struggling organizations survive this recession, in order to prosper in the future? This expository article describes some approaches that we feel can help service industries deal with aftereffects of the financial meltdown. Based on an understanding of current needs of the service industries, we emphasize three approaches in particular: a greater emphasis on statistical engineering relative to statistical science, ‘embedding’ statistical methods and principles into key business processes, and the reinvigoration of Lean Six Sigma to drive immediate, tangible business results. Copyright © 2009 John Wiley & Sons, Ltd.