DEALING IN DATA – THE ‘BIG BLIND’

So today I wonder what I have learned so far. Lagos Business School teaches you a lot of things you never expected. For instance, I will be solving mathematical equations at this time of my life. However, it has been very revealing to be dealing with probability and statistics on a managerial level.

So, over the cost of the past couple of weeks, we have been discussing different forms of statistics. Our facilitator Dr. Okoye has been extremely helpful his colleague, Dr. Adi has also been immensely helpful in these past couple of weeks, we have learned about different forms of probability distributions, and different ways to solve probability issues especially when it relates to the management of a business.

The first type of probability solving is called the classical method; the classical method is used to solve probability issues when all the sample points within its sample space have equal values. The second method is called a relative frequency method and the final method is called joint probability. Probability teaches you how to predict events that have yet to happen. It helps you to determine using mathematical equations and variables how best it is for you to take a particular decision.

As managers we are daily faced with different forms of challenges, we also have a lot of data to deal with, and the data analytics class has taught me a process to use in my daily strides. In data analytics class, we were taught how to use Microsoft Excel. Initially, we all thought we were particularly good at it but as it turns out, one’s excel proficiency cannot be measured simply by your daily use of different functions available within the software.

Dr. Okoye meticulously took his side to explain the basic forms of excel and the functions we would need to conduct calculations in this course. one thing that is unique about the way the facilitators in data analytics class teach is that they do not assume that you are exceptionally good at it, they take it from the very basics all the way to the advanced. I always thought that coming to the Lagos Business School would be difficult and as much as it really is difficult due to the workload, I have found that all the facilitators tend to be understanding to your knowledge base.

In data analytics, we have also considered what is called the Bayes theorem of solving probability. One of the major things I have been able to use probability for is to estimate various decisions I have been able to have been required to take at work. In one of the excel classes we had with Dr. Okoye, he taught us how to use pivot tables in Microsoft Excel. Going forward I now have the necessary skills even though there is still a lot to learn to excel in my area of expertise using data analytics. Finally, by using empirical examples the facilitators in data analytics class have been able to clearly communicate whatever needs to be done when it needs to be done, how it needs to be done, and where it needs to be done. this has been the most revealing and the best thing so far, I have enjoyed the class as practical examples tend to make everything clearer than before.