Solved: 1) Famous businessman Edward Deming once said, “In God we trust. All others bring

1)

The quote means that for all divine things we trust on God and its decisions, but for rest of the things data is most crucial before making any decision. It is relevant for all the fields and processes existing today. It is the most important thing in forming the Strategic plan. Without the data, it is not possible to draw conclusion and make decision. Example: If a person is in sales, it is important to have historical sales data so as to determine pattern, seasonality, fluctuations etc. Else, it may result in poor forecast resulting in excess inventory or short supply to market. Similarly it is important for all other areas like Marketing to collect customer feedback through litmus test, consumer feedback, surveys etc. In Supply chain, using statistics for data churning and calculating appropriate inventory norms, re-order point etc.

Thus, for developing any strategic plan, data is very essential.