"In God we trust, all others bring data."
"Without data you're just another person with an opinion."
"If you cannot describe what you are doing as a process, you don't know what you are doing."
Call him old school. Ed Deming was one of the originators of total quality control and revered for his management principles and is revered as a management god in Japan. If you were thinking about a manufacturing system design, you likely followed the principles of Deming. His ground breaking work is somewhat forgotten, although concepts of quality control are focused on the minds of most manufacturers.
His thinking should resonant with those who are at the forefront of system design and data analysis for quantitative analysts. As more complex quant systems are built, issues concerning quality control should be always be on the minds of designers.
His thinking should resonant with those who are at the forefront of system design and data analysis for quantitative analysts. As more complex quant systems are built, issues concerning quality control should be always be on the minds of designers.
Take some time to think about the Deming quotes, they are worth internalizing. Deming's views should be front and center for any investment committee where managers bring their feelings about the markets. Experiences and hunches are fine, just bring your data.
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