Dr. R. J. R. Swamy HoD (Academics), NMiMS Hyderabad HOW TO SOLVE A PROBLEM LIKE Q.T.?
the case of an additive model. By implication, in the multiplicative model, the cumulative study simply becomes ‘0’, even if one of the previous days is an ‘off’ for studies, i.e., one of x, y, z… is a ‘0’. Whereas, in the additive model, the previous balance is brought forward, the sum of all days with non-zero studies is retained. All this amounts to say is that a daily work schedule of regular study is essential, for faring well in a subject like Q.T. Try this at the earliest, and you will find amazing liking for Q.T.
garding the characteristics of a population. Through a judicious application of the concepts of the probability, a measure assigned to events connected with phenomena governed by chance, a manager can arrive at prudent decisions, involving calculated risks arising out of uncertainty. Tools of Explorative Data Analysis (EDA) is simple and easy to apply and interpret. Coupled with the study of the basic algorithmic approaches for obtaining optimum solutions, under constraints generated by limitations on resources like time, budget, costs, logistics, etc., encountered in different functional areas such as operations management, adds to the versatility in terms of applicability of Q.T. Multi-variate techniques such as multiple regression and factor analysis form part of excellent tools to identify and analyze several variables, group them as factors that affect the variation in a phenomena, with a proper methodology to ascertain how significantly they affect such variation. A sound knowledge of the basic concepts is essential for any manager, since even if a relevant software package can take the load of huge computations, the manager should be in a position to understand the computer output, weed out the junk of the output that is not required for his purpose, properly interpret the necessary output, and prepare comprehensive report on the basis of the analysis, carried out. Get out of the fear syndrome, organize yourself well mentally, with a feeling of “I CAN DO IT!”, and learn Q.T. in the right earnest. Believe me, Q.T. will beckon you in each trimester, in disguise, whatever may be your major and minor functional areas of specialization. All the above measures, if adopted, should pave way towards your becoming an efficient business analytic. Of course, the faculty-support for all your sincere efforts is always there, any time! Thus far, about Q.T., but not Q.T. per se!
The three essential Ps required for the study of Q.T. are ‘paper’, ‘pen’ and, last but not the least, ‘perseverance’.
With reference to Q.T., no sooner you try to put down on paper the available information, in simple statements, and what exactly is required of you, the extent of complexity diminishes, and you can focus on an approach to understand and disentangle the compound situation. Now, your mind is all set to think of ways and means of arriving at the solution, based on your knowledge of the subject. These few moments are worth spending, firstly to overcome inertia, and secondly, to focus the mind, in order to set the stage. Solution, now, will unwind. The best time to study a subject like Q.T. is early morning hours. Begin any time around 4:00 A.M., after having a sound sleep till then. Several problems in Q.T. that have been troubling you earlier, will open up for you in the morning hours, provided you attempt to solve them at that time, since distractions are less, mind is fresh, and is prepared to receive the load and co-operate better. In case you are unable to solve a problem, train your mind to store in a temporary register to think sub-consciously, whatever may be your super-conscious actions, so that, mind is alert on the problem, and it has a tendency to give out flashes of thought on the subject. When this happens, sit and jot down the points for a follow-up effort to solve the problem. In this context, one adage goes to say ‘soaked grain grinds faster!’ becomes pertinent. The fact that you could solve a problem all by your own effort, gives an immense satisfaction and self confidence in forging ahead, with all apprehensions vanishing. The ramifications of Q.T., in each and every functional area of management are amazing. Forecasting of market shares, stock prices, economic indicators of a country, returns on investment, to mention only a few, are based on sound principles of ‘cause and effect’ models. Validation of conjectures made on a phenomenon based on explorative studies, is carried out by means of inductive inference techniques. This includes both estimating and testing of hypotheses re-
A healthy attitude is contagious, but don’t wait to catch it from others. Be a carrier. - Tom Stoppard
T
hough statistics for a layman may mean numerical figures such as population of a city, temperature recorded, prices, GDP, vital statistics, comparative cricket scores of current and yester-year cricketers etc., as a discipline, statistics can be interpreted as the science dealing with the phenomenon of variation in any aspect. Variation is indispensible in any sphere of activity. In some, its manifestation is less, whereas in others, it is prominent. Day to day temperatures of a city, quarterly sales of a commodity, fluctuations in share prices, opinions of employees about a new scheme proposed, number and types of loans advanced by a bank over different months of a financial year, number of defective items of a manufactured product that turn out in different lots of fixed size, vary among themselves.
The primary reason for such a mindset is basically an attitude that blocks the fact that, with a reasonable amount of training of their mind to get themselves organized, to think logically, accept logical arguments, and appreciate reasoning and application of simple arithmetic operations and the use of statistical software, they can overcome these apprehensions. Secondly, they should meet the demands of the course head-on, with astute perseverance and patience, rather than keep away and explore an escape route. The feeling that “I am not made for Q.T.” and “It is a world of different species” should be relinquished, once and for all. In this article, I wis ? ?Y??\?H[?[??H ?X??\??[\ ??X? ??\??H?] ? YY\?[?K? ?H[?[\?8?&][ \X?]]?x?&H[??] \?K ?]\? [?8?&Y]]?x?&K??[? [?H?Y\?? ?] \?YX[????^KY? [?H ? Y HH ]X[?] H8?& 8?&H
Y?[?Y[? \?\?? H?[X?\???\ \???H?????[?H?\? ?[Y?[?YYX\?\?H?H ?X??X?
KH ?[Z[\? ]X[?] H8?& x?&H\? ? YYY H?^ ^K[?H ]X[?] H8?& ??&H? H \?^H[? ??? [? H?[][]]?HYX\?\?H? ? Y H?[?H?] \?H^K [?\?][ \X?]]?H[?[ ??[?H H ?? X?? H[?]?Y X[??\?[? ? ? YYY?[ ?]?[?\?^\?8?&
? J? ?
?8?)??&]??Z[?Y [ ]^K ?]\? [? H?[][]Y ?[H8?&
?J?
??)????&H?[ H^\? \ ? ]^K ?X?\??H ?\?HY[?[?? H ?? ?? ?8?&]X[?]]]?HX??\]Y\?
K? ?x?&KXZ?\?X[?H ? Y[? ??X[?Y?[Y[???\??\? [???Y??X?K[?H ??Y? ^H\?H?????HX][X]X?? ? ?X[K?[? ?]H? H?X? ] H?[?Y]\?]?H??YH?] ?X??\??[ ??Y? ?Y???\? ??Y[?[?? \? ?[?[?[ ]X?[X?[] K\?]Y]X?X?[] K[???X?[ ?X\??[??[??Z[?? \??H ?[ ? ?X? \?Y[? ?[??H \? [? ] ? H ??H ] ?X?\?Y ? ?[???] \?H \? ? ?X?\?HYZ\??[?[?? HX[?Y?[Y[? ???[K ?[?]??Y\? ?H??\??H[?K? ?Y [?H]?\? ?\? ? H\ ?Z[??[???? \??S?H??SQH K???\? ? LH?RST? Y\?X?Y??S?H??SQH K???\? ? LHH?RST? Y\?X?Y??