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Phil used to be a very senior financial executive. When asked for a number, he would typically provide with a rough ballpark answer, such as, “It’s about 5 percent.” He’d then be peppered with questions about how he had arrived at that figure.

With medical devices ranging from simple needles to life-saving high-tech implants, ensuring the highest possible level of safety is one of the industry’s greatest priorities.

Whether it’s for performance management or for risk, it’s important to know who your suppliers are and have a close business relationship with them.

Here we look at a simple example to discover the commonalties of various data analysis techniques widely used in industry today. Careful consideration of the following may result in insights that were not part of your introductory class in statistics.