I know what you are thinking: BOOOORING.
- Spreadsheets: check.
- Pocket protectors: check.
- Coke bottle glasses: check.
- Maybe some tape to hold those stylish black rimmed glasses together: CHECK AND CHECK.
Ah, the world of statistical analysis. Although it may sound quite glamorous from that check list I just provided…well, it IS. Don’t you remember what your math teacher always told you in high school? “Knowledge is Power.” Well, maybe that was just MY math teacher. Geez, all that rambling ON and ON about numbers really got my goat. That guy didn’t know when to call it quits. All I was really interested in at the time was breaking away from the nerd herd and hightailing it to my art class…quadratic equations were fool’s game. However, now that I’ve had some time to think it over, maybe he was onto something.
Statistical analysis plays a huge role in successful businesses, both big and small. Think about it: investors need to monitor the health of a business they have put money into. Businesses use this same data to determine if the business is healthy, and if not, make decisions to get that company back on track. This information also provides a means for a company to measure trends and growth rates in different markets. Companies can essentially see where their strengths and weaknesses are, and make the proper adjustments. Sounds easy enough, right? Wrong. Often times that balance sheet and profit and loss statement isn’t enough to give you a great understanding of all of the factors that influence those numbers. What’s more, once you have the detailed information behind those reports, it can often times be pretty frustrating to try and make sense of all that information. That’s where statistical analysis comes in. Once you are able to truly understand all of the information by way of a good and clear analysis, it’s amazing how many things you have overlooked and how much room you have to improve!
I know, I know…now you can’t wait to get your very own statistical analysis of your company, so exciting!!! Okay, calm down…time to take that chill pill. But in all honestly, a good overall analysis can turn your company around. However if anyone asks (and by anyone, I mean my math teacher) you didn’t hear this from me. I don’t want to hear another “I told you so” next time I run into him again in the bread aisle. If he asks, tell him I’m still busy with my finger paintings.