While giving courses over the years, I’ve noticed that certain misconceptions about latent variable models persist among statisticians and chemometricians. At the 14th annual ENBIS conference (European Network for Business & Industrial Statistics) in September, I have decided to discuss a number of these during my plenary George Box Medal presentation. Some of the key questions include:
• Formulate new products in half the time (compared to traditional methods)
• Achieve 20-40% reductions in raw material costs
• Create new-to-world products that capture huge market share and high margins
In the past 3 years, I've worked on some very specific applications, like frozen muffin batters, next-generation automotive fluids, and smart polymers for eye injections.
Now I'd like to explore some general aspects and best practices of product development with you.