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Stats the Way

Feb 16, 2018

How do you look life as?

Do you measure happiness, sorrow, emotions and Relations?

In today’s competitive world everything is measured and quantified even the above-mentioned adjectives. “STATS” the mantra today as all MNCs, Top Honchos believes in numbers, data and statistics. Earlier mostly Balance sheets, sales figures and stock markets were quantified and had numbers but today even HR functions are driving their organizations towards quantifying the happiness quotient and other behavioral parameters.

Suddenly from last few years data have become ever so important and structured and process driven approach have become the need of the hour. So if you are an engineer, doctor, lawyer, economist, HR professional, student you must be aware of basics of statistics which will give you the insight to look things differently.

For example, men or women who keep the record of household expenses only keep a tab on expenses for record and reference but very few go back and draw an inference from that data as they might lack knowledge on how to read that data and interpret. A knowledgeable person would interpret those data and design solutions to curb cost and reduce some unnecessary expenses .

Over last few years in India MIS, Quality has played far significant role in developing individuals and organizations and “STATS” the reason why multiple jobs are created in last 5 years in the field of MIS, Corporate Quality, and Process Excellence etc. Concepts like Six Sigma, Kaizen, Quality Control tools have sprung up like never before especially in India and organizations have taken steps to educate all their employees in all domains on these statistical concepts so that all have a common mindset towards a larger goal.

Education Institutes, Organizations and top MNCs train their associates on these basic statistical tools like

1) Six Sigma: Structured approach towards problem solving using DMAIC (Define “STATS the way” Measure Analyze Improve Control) methodology.

2) QC tools like scatter plot, fishbone diagram, bar chart.

3) Basic excel skills and MS office packs etc. BIG DATA and HADOOP are the buzz words today.

These hard skills will enable any employee or students add value to their skill base and resume. Also, most employers are looking at these skills in addition to basic education. These skills will not only increase your credibility but view towards all actions will be structured and data driven which will make an individual successful.

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