MAT -- The Theory Can Be Used For Hurricanes Too

It's long been known that futures markets, where investors have limited knowledge of what will happen, have an uncanny way of predicting the future. Now some university economists want to apply that to forecasting hurricanse.

"The point is to use markets as a way of collecting and processing information," about where a dangerous storm will strike, Kelly said. "The National Hurricane Center bases their prediction on just three or four models." With the futures market, "information from many, many models is brought in to help figure out where the hurricane is going to land," he continued. "The hope is that this will be much more accurate."

But, Kelly said, "It may be the case that the National Hurricane Center will be more accurate and nothing's better. But there's only one way of finding out. Try it."

Ironically, in the process quality arena, the last people we ask are the people who have the most at stake -- the people doing the work everyday! We'll get out graphs, make charts and reports, go through all kinds of scientific processes: but do we bother to let our own employees act as our "futures market" on the quality of our products? It's such a simple idea. I still find it hard to believe that nobody else has done it. Good thing I'm filing a patent application, huh?
If you are in a company, and you would like input to make your process better, drop me a line. What did the article say? "There's only one way of finding out. Try it."
And for the professors? Great idea. Let us know how it goes.