ESSAY: Business Statistics

Per the textbook, trying to understand factors that impact the outcomes of business process is an important aspect of improving business operations. Conventional wisdom plans experiment one-factor-at-a-time (OFAAT).
Compare and contrast the main advantages and disadvantages of OFAAT and DOE and select the approach (for example, OFAAT or DOE) that you would use in order to obtain effective business process. Provide a rationale for your respons


Business Statistics

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Trying to understand the factors that impact a business process will significantly impact the operations of any business. OFAAT is a method of designing experiments that involve testing of individual factors one after the other. The use of this approach has many advantages when compared to other approaches. Firstly, it is the most appropriate approach for non-experts, especially in situations where data is cheap and readily available. Secondly, it is also more favorable as compared to fractional factorials, especially when the number of runs is limited, and the main goal is to make the systems better. The experimental error when using OFAT is also not as large as when using other approaches such as fractional factorials. 

The method also has some disadvantages that one has to contend with if at all, one has to rely on this approach. One disadvantage is that the method may not be efficient due to the many unnecessary experimental runs. Since it considers one factor at a time, it also consumes a lot of time and is prone to errors. Another possible disadvantage is that the person undertaking the experiment is not in a position to study the interactions that happen among the factors.

In Order to have effective business processes, I would prefer using the design of experiments (DOE) as opposed to OFAT. This is because DOE will provide the ability to understand the interactions of different variables, which is an important aspect that lacks in OFAT. When evaluating different business processes, DOE will make it possible to evaluate the different inputs while at the same time monitoring the outputs until the best combination is arrived at. Such flexibility is good for any business decision-making process and reduces chances for …

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