Question

1. Read the article titled “Keeping up with Your Quants”. After reading this article, you'll understand the importance of "thinking quantitatively" in the workplace. Explain to us your thoughts on this article.   Discuss your initial thoughts about statistics, how you view the role of statistics in the business world, what 2-3 items you learned from this article, an example of a real-world scenario that could use a “Quant” person to help solve it, and what you hope to gain from this course.

2. The Gallup organization releases the results of recent polls at its website, www.gallup.com. Visit this site and read an article of interest. Then, a) describe the population of interest and b) describe the sample that was collected.
   
3. Install the Analysis Tool Pak on your computer. Find any dataset online in the public domain. Copy around 15-20 into Excel, and then create a randomized data set. Paste it here.

4. A Gallup pool indicated that 29% of Americans spent more money in recent months than they used to. But the majority (58%) still said they enjoy saving money more than spending it. The results are based on telephone interviews conducted in April with a random sample of 1,016 adults, aged 18 and older, living in tall 50 US states and the District of Columbia. A) Describe the population of interest and b) describe the sample that was collected.

Answer 1

The article "Keeping Up with your Quants" . After reading this article , points that this is an era of Data. Data or Quants is necessary to make timely decisions about different aspects in a business.The world is awash with data irrespective of your interest, industry or type of organisation. Understanding on how to work with quantitative data is important. The data and statistics have to be turned into better decision making through quantitative analysis. The article mainly focus on how quantitative analysis works , how to make timely and better decisions even if you do not have a quantitative background and effects of it on business. A successful manager has to conversant with analytical methods and terminology.

In the Business scenario , it helps draw conclusion , in forecasting about the business activities as well as in improving business process. Initial thoughts and role of statistics in business World : Statistics is the collection of data , organise , analysis and the interpretation or Drawing conclusion of it . Keeping quantitative records of facts can help to identify the nature of business., targets customers etc as well as to truck the records of employee performance and in taking appropriate decisions . It helps in sales forecasting, planning, decision making , problem solving ,deciding employee rewards, performance appraisal etc..

On the basis of article , every problem has be first defined , and the decision must solely based on facts and analysis of data . The article contains numerous examples on how to solve the problems with the help of quantitative analysis . This article helps in guiding quantitative literacy as well as helps in developing the analytical skills better. Example : An organisation is facing serious decline in sales , the company to understand the cause and reason behind such a decline collected information and data , the analysis of data enabled them to identify the area where they have to concentrate and the measure to taken to overcome the problem. So Quant helps in solving business problems and in better management. From the understanding , better management of business and its operations is possible. Timely decision making , problem solving etc...are possible.

  Mathematical errors can also act as a barrier. People, organisation and countries base some of their most important decision on organised data. if some thing is lurking in a statistical data , then it can turn the results completely upside down. Use of wrong analysing tools can leads to misinterpretation of data. Destorted graphs or miserly presented data constituting a misuse of statistics and with the result of an incorrect conclusion from it. Proper  interpretation of data can be hinter by misleading interpretation. Unfortunately with graphing can also leads to misinterpretation . Such errors are mostly see when statistics and interpretations are made by people who lack expertise in this area. it is complex so proficiency in it is important.

Solving a problem require understanding of the  problem first for this purpose collection of information is necessary . Non availability or non accessibility is a major hinder. Biased or prejudiced information can also decline efficiency . In the case to study the problem of lower productivity, company collects data , the major challenge faced in the lack of accessibility of past records , integration of collected data , especially collection of data from employees , cost as well as time. mainly the validity of data . Later the challenge was resolved to an extend using proper and right choice of data, proper tools and techniques.