Statistics in Action

Provide an original example of the concept that shows its applicability in any context (e.g., work, academia, industry, government, personal life, and society).

    The best example I can think of for showing statistics in action is what we use at work. I work for a major aircraft manufacturing and modification company and we do some very large projects. When we do these projects we create a project plan, budget, and schedule. we then take all the data from those three primary variables and create a Earned Value Management (EVM) tool. The best part of EVM is that is show our customers along with our management team where we are with the project. this tool updates real time and asses job closures, time spent on the job, and if the job started and closed on schedule and on budget. 

    The primary function of EVM is to answer the question as to what have we done, where are we now, where are we going, are we on schedule, and are we on budget. 

    This data is displayed in a turndown chart or scatter chart to show if we are on plan and schedule. 

    Here is an example of what it may look like as the project progresses. 




Include a list of any sources you found useful to better understand the concept.

Chance, R. (2006) Earned Value Management Systems. Retrieved from https://www.pmi.org/learning/library/earned-value-management-systems-analysis-8026



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