You may not know this, but I am a certified, bonafide Six Sigma Black Belt and Lean Expert. You may have no idea what this means, but it has served me well as an engineer and business manager. These skill sets help one focus on removing non-value added activity, eliminating unnecessary costs, and determine the truly significant variables that drive product or service improvement and ultimately, profitability.
Even though I left Corporate America a three years ago, I have certainly never stopped using the skill sets I learned! They are tremendously helpful in running I Was Broke. Now I’m Not.
As I was walking into my daughter’s school the other day to sit with her during lunch (it was square pizza day!), I saw a bar graph that showed the results of the 4th-graders voting for their “Favorite Fast Food Restaurant”.
It reminded me of the power of transforming “data” into “useful information”. This chart shows a significant result – Chick Fil A smoked their peers. I asked the kids at lunch why they like Chick Fil A so much. The answers? Without exception it was because they loved the food. Not the toys. Not the packaging. Not the cows. It was the food.
I bet that a simple study similar to this one would allow people to understand the largest financial issue that they need to address as well. It is time to bring Six Sigma and Lean to the world of personal financial management!
Regarding the kid’s study of favorite fast food restaurant, I would have to perform a 2-sample double-blind t-test to be certain that this is a statistically-significant result.