The table below shows clearly that as industrialization waned, household credit increased. My explanation is that this is what Deming predicted. As wealth creation stopped, U. S. citizens, used to ever-increasing standard of living, turned to credit to finance their lifestyle choices.
The bad news is that I have been doing a terrible job keeping this up to date. The good news is that I just moved and in the process came across a whole bunch of publications, including many by Deming, that I will proceed to read, comment on and extract what I feel are the [...]
I was recently looking through some old material I had prepared for a training session with some company executives and saw this. I think it still holds up and represents a good index of Deming key principles…it is not complete, I don’t think, but paying attention to these things in the right way will certainly [...]
This discussion goes to the heart of a subject which we don’t discuss nearly enough and that is interactions. In a predictive model there are typically what statisticians call ‘main effects’. A good example in medicine is the effect of particular medications. But sometimes medications in combination potentiate (or neutralize) each other. In other words [...]
June marked the 25th anniversary of the publication of Dr. W. E. Deming’s first management book, “On Quality, Productivity and Competitive Position”. Deming lived both in Washington D. C. and New York where he kept an apartment on Hudson St. in the Village. He was a professor at NYU’s Graduate School of Business Administration from [...]