Over 200 years ago Benjamin Disraeli¹ said: “There are three kinds of lies: lies, damned lies and statistics”. This aphorism is still immensely popular. Every time someone wants to ridicule statistics and statistical thinking he quotes Disraeli. Then, with more relish, he tells you that other one linking statistics to a bikini.

 Most laypersons think of statistics as something that starts with “mean-mode-median” and then wanders off to “variance or standard deviation” with probability coming in somewhere. Very few realize, or accept, that statistics can be a powerful analytical tool. Since it’s hard to change perceptions, statistical analysis must be sold with a new name: “Analytics”. This new name works better; the top management “buys” it more easily. And, one day, when they stop buying “business analytics”, it will be re-packaged as “business intelligence”.

 The major reason why analytics has risen appreciably in public esteem is because computers and…