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Trial and Error Economy

14 Feb 2016

Marriage Is Good For Your Heart (and other Valentine’s Day Statistics)

  • By Bill Conerly
  • In Economy, Trial and Error Economy
Listen to yesterday's Prairie Home Companion song on romantic statistics: scroll down to "Statistics" after clicking here. Happy Valentine's Day, readers. Bill
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21 Oct 2015

What Corporate CEOs Need To Know About Big Data

  • By Bill Conerly
  • In Business Strategy, Trial and Error Economy
Steve Levitt, author of Freakonomics, gave a presentation on big data in corporations. It should be watched by all CEOs and wanna-be CEOs. It's discouraging in that it shows many companies' unwillingness to use the data they have, but it's
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17 Jul 2011

The Trial and Error Economy

  • By Bill Conerly
  • In Business Strategy, Economy, Trial and Error Economy
  • 2 comments
For years I have been writing about the Trial and Error Economy. Now there's a great TED talk on the subject by Tim Harford:   To read my articles on the subject, scroll down on the right
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06 Aug 2009

Starbucks Strategy: Time and Motion Studies Now

  • By Bill Conerly
  • In Trial and Error Economy
  • 1 comment
Starbucks is trying to help its staff members be more efficient.  According to a recent Wall Street Journal article, they are using old fashioned time and motion studies.  A barista makes a latte, while someone watches with a stopwatch.  Early
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01 Jun 2009

Advertising and Quantitative Analysis: The Trial and Error Economy Comes to Madison Avenue

  • By Bill Conerly
  • In Trial and Error Economy
The New York Times has an article about quantitative analysis coming to the advertising industry.  In the old days, ad agencies labored for months to create the perfect ad–perfect being totally subjective.  They only had the vaguest idea of whether
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01 Apr 2008

Financial Regulation: Paulson Misses the Trial and Error Economy

  • By Bill Conerly
  • In Public Policy, Trial and Error Economy
This new regulatory proposal from Treasury Secretary Paulson reminds me of the Patriot Act.  The department has a laundry list of changes it wants.  Then there’s a crisis.  At which point the department pulls out its laundry list and says,
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23 Feb 2008

Incentive Systems: Markets, Medicare, and Your Business

  • By Bill Conerly
  • In Business Strategy, Public Policy, Trial and Error Economy
"Markets and Medicare" is a great article in today’s Wall Street Journal by my good friend John Goodman, president of the National Center for Policy Analysis.  The article has value beyond the Medicare debate, but let’s first key in on
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04 Feb 2008

Nike Strategy: The Trial and Error Economy

  • By Bill Conerly
  • In Business Strategy, Trial and Error Economy
  • 1 comment
Nike has implemented a major change in strategy, according to an interesting article in Forbes Magazine. The company had previously advertised with a mass market focus.  Its "swoosh" logo was everywhere, as was it’s great motto, "Just do it." The
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07 Jan 2008

Starbucks Strategy vs. McDonald’s: 10 Possible Competitive Responses

  • By Bill Conerly
  • In Trial and Error Economy
  • 3 comments
I’ve used Starbucks business strategy as a way to discuss the Trial and Error Economy (here and here).  I’m not, by any means, the world’s greatest expert on the company, but it provides a great vehicle for teaching about corporate
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28 Dec 2007

Starbucks Strategy: Trial and Error at the Beginning

  • By Bill Conerly
  • In Trial and Error Economy
Starbucks began with a willingness to experiment, according to Taylor Clark’s new book, Starbucked: A Double Tall Tale of Caffeine, Commerce, and Culture.  The book begins with a story from when the company had only eleven stores.  The Vancouver BC
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