Nice post. As a scientist working in industry I have the pleasure of working with many brilliant businessmen and women each day. I am always shocked to find that many have little exposure to, and even less understanding of the scientific method. However, that said the best of them use a part or parts of that method everyday in their problem solving. A small subset of those have even adapted their work styles to become more and more like research scientists. It is a testament to the strength and flexibility of the scientific method that its application to business problems has finally gone mainstream.
A few other points.
Hypothesize. It is spelled with a “z.” I would also argue that you left out a couple key steps.
3b. Data collection — One will not learn anything from data analysis if the data collected is garbage. Thus the criticality of appropriate DOE (design of experiments) which includes how the data will be collected cannot be overemphasized.
7. Theorize — After enough data is collected and analyzed over many repeat experiments one may reach a point at which a theory can be developed to explain why the data is what it is (i.e. why it says what it appears to be saying). With a theory in hand ones ability to make predictions is heightened and their accuracy much improved. A theory does not guarantee 100% accuracy of prediction (if it did it would be a law) but it does allow for a high degree of confidence in any given prediction.