Data is all around us! Almost everyone knows that data is everywhere. But have you wondered what information hide beneath those data?
Not everyone cares about the data they encounter on daily basis. Being conscious of the data around us and how to make sense out of the data are some of the instant benefits of enrolling in an MBA program. The impact of this sudden realization of what we can do with the data around us extends beyond the business environment but also in our personal lives. We become more rational and deliberately seek out the hidden treasures behind the data.
In the MBA program, how to identify, collect and make sense of these data around us is thought in the Data Analytics course.
You may ask: Where can one apply the skill of data analysis obtained from the MBA program? The answer to this question may be closer to you than you can imagine. Application of the data analysis is in almost every field of human endeavor, such as:
An example of the application of data analysis in the production system is the monitoring and controlling of product quality. The number of defective products is collected as data that can be analyzed to determine the failure rate or the probability of a product being substandard. This information is used to initiate quality improvement practices in the factory.
In public accounting firms, statistical sampling procedures are used to conduct audits. The number of accounts to be audited for confirmation of a firm’s balance sheet may be too large for auditor to go through them one by one. Some accounts are selected for auditing as a subset of all the accounts. The auditor draws a conclusion based on the findings from the audited accounts as to whether the content of the balance sheet is acceptable or not.
Manufacturers spend lots of money to collect consumer purchase data from grocery stores. Analysis of the collated data enables manufacturers to review product pricing, marketing strategy and distribution channels.
Financial analysts use data or statistical information from the financial reports of various companies to guide their investment recommendations to clients. Typical information from the analysis of financial data from company is if a company’s share/stock is overpriced or not.
To forecast future inflation rates, economists use statistical information from indicators such as Producer Price Index, Consumer Price index, unemployment rate etc. These forecasts become data that we analyze make decisions on how we manage our personal finances.
Application of statistics in the medical field is termed biostatistics. This deals with the collection and analysis of data from biological experiments. This helps in managing medical uncertainties in drug administrations and projections of potential side effects of medical products based on pilot test/experiments.
Historical trends of the meteorological data of a place such average temperature, average dew point, average percentage humidity can be analyzed using special models to predict future weather condition of a place.
The above lists are just few examples of what we can do with data. The list is endless with the fast pace of technological advancement enabled by high-speed internet such as 4G and 5G.
If you can imagine it, you can achieve it. The data you need are already around you!
sources: Statistics for Business and Economics; Picture source: FREERANGE Free Stock Photos