Feeds:
Posts
Comments

Archive for March, 2010

Statistics

“Statistics can be said as a science of collecting, classifying, presenting, analyzing and inpterpreation of numerical data. In it’s original terms it is a branch of applied mathematics specialized in numbers.”

But I would say that it is a game, a game of numbers. Like any other game it has certain rules based on which you reach to some conclusion and finally make the decision. And like a good player who knows each and every rule of his/her game, in the same fashion if someone wants to become a statistican then s/he should know the every basic rule of statistics to become a expert player in this game.

In general I would like to highlight some of the basic rules that I think are very important:

  1. Statistics is very prone to error if right approach and it’s assumptions are not followed. Therfore before making an experiment and afterwards decision making, one should ensure that all the assumptions related to that experiment and decision making have been followed.
  2. There are multiple ways in statistics to solve the one business problem but every problem is very specific in it’s nature and only one type of statistical method can be used to solve it therefore it is very necessary that you know very well about that problem and then accordingly use the right statistical approach to solve that problem.
  3. Because it deals with sample of numbers therefore there are always a high probability that the sample one has selected is baised and therefore not providing the right conclusion and that’s why we need to make sure that one has used the correct sampling method for the experiment. For Ex: If the Principal of a particular school is making a presentation about the school growth and in one slide he is showing the average growth of 1st division that the students got in last five years then there is a high probablity that s/he chooses the sample of those students which has the maximum number of 1st division students in that sample.
  4. After drawing the conclusions from the experiment one should always tell about the situations in which the experiment has been done to help the reader understand about what were the situations / samples that have been taken or selected to perform the expeirment so that if some reader is using that analysis in his/her decision making then s/he should be aware of all the situation and assumptions of experiment.

So far these are some of the situations that I’ve been experienced in my professional career. I hope to get some more when you will reply with your comments.

Thanks.

-Abhi

Read Full Post »

What the hack it is ……why everyone is so keen in going this field ……..why most of the jobs coming only from this field………how it has become the so popular among every company???????????

These were the kind of questions that I had when I first heard about analytics around 3 or 4 years before. I was very new (or you can say new-born baby 🙂 ) in the field of analytics and at that time I didn’t know the “A” of Analytics. But after passing 4 years or so in this field now I think I’m in a situation where at least I can brainstorm around these questions and try to answer.

In simple Analytics is a way by which you identify new and innovative way of solving business problems and then presenting them in a way that the person can easily take the decision based on that presentation. When you are designing a such a solution then you just don’t come up with a single solution but at least a two or three solutions by which the business problem can be solved. In my view if you have more than three or four ways to solve your business problem then you haven’t understand your business problem at all and based on initial understanding you have just formed the N no. of ways to solve the problem. In such case one need to start from the scratch then figure out the solutions of the problem.

A true Analytics not just tell about the best solution of the problem but also about the implication of using the solution so that the decision maker can take all that corrective action which really need to be taken to implement the solution.

Earlier the company only used to have the reporting department where in most cases accountant were responsible for the reporting and they only presented the account related reports but when companies started operating across different geographical locations and with multiple line of products and businesses then it was really a necessity to have a dedicated reporting department in the company who could not only report about the finance but also about its overall health of operations, marketing, collections etc. and then companies started hiring those people who are from commerce and maths background and could do not only the finance reporting but also the management reporting. With this MIS (management Information System) advent. Companies spending heavily on databases and other tools which could help doing the MIS work and with this it was made necessary that the person should also have the good command over the computers apart from good education.

So for many next years companies collected data related to their operations and doing their reporting work but with the ever-changing market conditions and cut throat competition it was really a necessity to have something in place which can help the decision maker to make smart and inform decision to take advantage over its competitior. With such a necessity the field of analytics advent.

Today every company is having a dedicated research and analytics department and these companies are spending heavily on these departments so that they can create breakthrough strategies and take advantage over its competitors. And that’s why it has now become a such a hot field and generating many job opportunities.

As I said earlier that the term Analytics is very broad and so its field and today every banking, marketing, government, medical etc. companies are having their dedicated analytics department which are creating new and innovative solutions of the current problems.

My struggle is still going on related to my answers in the field of analytics where I’ve got the answers of some basic questions but there are still some next level questions which are in my mind and I’m trying to find their answers which I’ll keep posted here.

Thanks.
Abhi

Read Full Post »

I’m thinking around this a lot that where we Indians are going. After seeing the current scenarios of Mumbai and overall Maharashtra it seems like we are revisiting our history again where in our history the India was divided into several states and different states were having different kings etc. and they were fighting each other to spread their kingdom what really happened because of this was first we are attacked by Mughals and rule us for near 3 or 4 centuries and then after we were ruled by East India company of England. Situation is so worst that no body in the world know our real name of nation i.e. Bharat but what they know is “India”, the name which was given to us by British.

Even after all this we have not changed at all and we are again fighting with each other like a fool and trying to superimposes our picture of a person which is very loyal to its state but not India. People of other states are beaten by some of the political people of Maharashtra and these political people are trying to give their image as a person who really cares about Maharashtra but it seems like that this caring has just invented in these people in last two or three years when they are completely issue less because of some good work of the current political parties in the Maharashtra and that’s why they are unnecessarily trying to divide the Indians and India in separate states.

They have forgotten that India is not running just because of one state or one city or by one person but it’s the effort of more than 100 crore people and all the states of India which are contributing in the success of each other. One need to understand that in today’s scenario no one can walk alone but one have to join the hands of other people for a complete successful journey of life.

Apparently they will understand only when they will either be left alone or by attacked by some one when no one will be there to save them because of their hate and jealousy.

The only thing I can say that everyone should understand that we are first a human being and then from different parts of world and then from different countries and in the last from different states and city. So why just we can’t be just at least an Indian if not human being. Why we are fighting with ourself and why can’t we just hold the hand of each other and contribute towards the success of entire India and world and humanity.

Questions are many and so the answers but my friend “at least be the Indian first”.

Read Full Post »