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What is Flaw (Deception) of Averages

Chapter 131
Encyclopedia of Business Analytics and Optimization
Capacity, staffing and financial estimations based on average input values without taking into account the variability around the averages. This typically results in significant underestimation or, sometimes, overestimation of required resources (except for a strictly linear relationship between the input and output).
Published in Chapter:
Management Science for Healthcare Applications
Alexander Kolker (API Healthcare, USA)
Copyright: © 2014 |Pages: 11
DOI: 10.4018/978-1-4666-5202-6.ch131
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