Mastering the Art of Business Predictability: Roger W. Hoerl’s Guide to Statistical Thinking
Mike interviews Roger W. Hoerl.
Today, we are pumped to share some wisdom from the mastermind behind “Statistical Thinking: Improving Business Performance” – Roger W. Hoerl. Strap in because we’re about to dive deep into the world of data-driven decision-making and business success.
SUMMARY
In this recent episode, We had the absolute pleasure of chatting with Hoerl, a full professor at Union College and a true guru in statistics. Let me tell you, this guy’s got some serious knowledge bombs to drop, and We are here to spill the beans.
First off, let’s talk about the core concept of statistical thinking. Hoerl hit the nail when he emphasized that statistics isn’t just about crunching numbers – it’s about asking the right questions. Forget drowning in a sea of data; it’s all about pinpointing the key questions that need answers. It’s like drilling down to the gold nuggets amidst a mountain of rocks.
One thing that really resonated with me is Hoerl’s insight into predictability in business. Picture this: you invest $25,000 in ads, and like clockwork, you know exactly how many calls you’ll get and how many deals you’ll close. That is the power of statistical thinking – turning the unpredictable into the predictable and paving the way for scalable success.
Now, let’s talk about the tools of the trade. Excel is a tried-and-true classic, but Hoerl recommends jumping into user-friendly software like JMP or Minitab when you’re ready to level up. No need to be a coding whiz; these bad boys let you point and click your way to data-driven insights without breaking a sweat.
But what about the holy grail of statistical wisdom? We are talking about Hoerl’s book recommendation – “Thinking, Fast and Slow” by Daniel Kahneman. This gem isn’t your run-of-the-mill statistics textbook; it’s a mind-bending journey into the intersection of psychology and economics. Prepare to have your worldview rocked as you discover the power of statistical thinking in everyday decision-making.
And let’s not forget about the importance of understanding human psychology in business. Hoerl geeks out over the psychology behind decision-making and how it translates to success in any industry. When you understand how people think, you hold the keys to unlocking untapped potential and driving your business to new heights.
Statistical thinking isn’t just a buzzword – it’s a game-changer. Whether you’re a seasoned entrepreneur or just dipping your toes into the business world, embracing statistical thinking can mean the difference between mediocrity and mastery.
So, grab a copy of Hoerl’s book, fire up your favourite statistical software, and get ready to revolutionize the way you do business. Trust me, once you start thinking statistically, there’s no looking back.
Get his book here:
About Mike Fallat
Mike Fallat, aka The BookMan, is the owner of Dreamstarters Publishing and the Million Dollar Book Agency. They have helped 300+ entrepreneurs become bestselling authors. His goal is to help 1,000 entrepreneurs publish books and teach them how to use their books as a gateway to generating 7-figures.
Visit website for more information: https://www.milliondollarbookagency.com/
About Dreamstarters Publishing
Dreamstarters Publishing offers ghostwriting, cover design, and everything that is required to take an idea to a finished book (kindle, paperback, hardcover, and audiobook).
The Million Dollar Book Agency is the ultimate marketing CRM system for author-preneurs. Services include automated funnels, lead generation campaigns, book fulfillment, podcast management, press releases, virtual assistants, course development, and more.
Mike also hosts a podcast known as Million Dollar Stories and runs a membership-based site known as Million Dollar Circle. In addition to owning the book business, he invests in self storage real estate.
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