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HOW
STATISTICS
IMPACTS
YOUR
DAILY LIFE!!
Think you're good at guessing stats? Guess again.
Whether we consider
ourselves math people or
not, our ability to
understand and work with
numbers is terribly limited,
says Data visualization
expert Alan Smith.
Alan Smith at TEDxExeter
In this delightful talk,
Smith explores the
mismatch between
what we know and
what we think we
know.
SO WHAT INSIGHTS
CAN WE DRAW FROM
HIS TED TALK?
Clearly, there's a numeracy iss
Alan Smith states numerous
examples to convey that,
most people lack numeracy
skills, especially when it
comes to statistical
guessing.
Nearly 40 percent of
young people in the
US have low
numeracy. There are
seven OECD
countries with figures
above 20 percent. So
there's definitely a
numeracy problem
that we want to
address.
Daniel Kahneman, for
example, the Nobel-winning
economist and his colleague,
Amos Tversky, spent years
researching this
disjoint between what people
perceive and the reality, the
fact that people are
actually pretty poor
intuitive statisticians.
Statistics are
about us as a
group, not us
as
individuals.
Statistics is the science of
dealing with data about the
state or the community
that we live in. So
statistics are about us as a
group, not us as
individuals.
So very often, we talk
about statistics as
being the science of
uncertainty. Alan Smith
provides a contrast by
stating that Statistics
is the science of
us. And that's why
we should be
fascinated by
numbers.
Employing the Insights into the life of a
Manager.
It’s very vivid from
the discussion that
there is a strict need
to incorporate
“Statistical Literacy”
among the people,
especially the
students and the
corporate working
professionals.
The first insight reveals
that there is huge
difference between
people’s perception and
the reality, when it comes
to statistical guessing.
If a manager could
possibly understand the
depth of the insight,
he/she could work out
wonders for the
company.
How many times during a
business, we come across
situations where we need to guess
a rough estimate for the sales.
All further strategies are decided
upon the statistical prediction. A
manager should realize that it is
high time to equip himself/herself
and the employees with the
required statistical knowledge and
numeral literacy.
The second insight talks
about how Statistics could
lead to better understanding
of our peer group.
A manager needs to very
aware about the employees,
their desires and their
needs.
And if the manager could
maintain this useful data,
he/she could predict the
behavior of the company in
the upcoming years, and
thus take the appropriate
action.
Images Credits
• https://speedy.mavrck.co/wp-
content/uploads/2015/01/07071121/Statistics_2.jpg
• https://pixabay.com/en/financial-analytics-blur-business-2860753/
• https://pixabay.com/en/hands-friendship-friends-children-2847508/
• https://pixabay.com/en/businessman-consulting-business-2606509/
• http://shawmutweb.com/client_websites/pine2/wp-
content/uploads/peergroup.jpg
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Why should you_love_statistics

  • 2. Think you're good at guessing stats? Guess again.
  • 3. Whether we consider ourselves math people or not, our ability to understand and work with numbers is terribly limited, says Data visualization expert Alan Smith.
  • 4. Alan Smith at TEDxExeter In this delightful talk, Smith explores the mismatch between what we know and what we think we know.
  • 5. SO WHAT INSIGHTS CAN WE DRAW FROM HIS TED TALK?
  • 6. Clearly, there's a numeracy iss Alan Smith states numerous examples to convey that, most people lack numeracy skills, especially when it comes to statistical guessing.
  • 7. Nearly 40 percent of young people in the US have low numeracy. There are seven OECD countries with figures above 20 percent. So there's definitely a numeracy problem that we want to address.
  • 8. Daniel Kahneman, for example, the Nobel-winning economist and his colleague, Amos Tversky, spent years researching this disjoint between what people perceive and the reality, the fact that people are actually pretty poor intuitive statisticians.
  • 9. Statistics are about us as a group, not us as individuals.
  • 10. Statistics is the science of dealing with data about the state or the community that we live in. So statistics are about us as a group, not us as individuals.
  • 11. So very often, we talk about statistics as being the science of uncertainty. Alan Smith provides a contrast by stating that Statistics is the science of us. And that's why we should be fascinated by numbers.
  • 12. Employing the Insights into the life of a Manager.
  • 13. It’s very vivid from the discussion that there is a strict need to incorporate “Statistical Literacy” among the people, especially the students and the corporate working professionals.
  • 14. The first insight reveals that there is huge difference between people’s perception and the reality, when it comes to statistical guessing. If a manager could possibly understand the depth of the insight, he/she could work out wonders for the company.
  • 15. How many times during a business, we come across situations where we need to guess a rough estimate for the sales. All further strategies are decided upon the statistical prediction. A manager should realize that it is high time to equip himself/herself and the employees with the required statistical knowledge and numeral literacy.
  • 16. The second insight talks about how Statistics could lead to better understanding of our peer group. A manager needs to very aware about the employees, their desires and their needs. And if the manager could maintain this useful data, he/she could predict the behavior of the company in the upcoming years, and thus take the appropriate action.
  • 17.
  • 18. Images Credits • https://speedy.mavrck.co/wp- content/uploads/2015/01/07071121/Statistics_2.jpg • https://pixabay.com/en/financial-analytics-blur-business-2860753/ • https://pixabay.com/en/hands-friendship-friends-children-2847508/ • https://pixabay.com/en/businessman-consulting-business-2606509/ • http://shawmutweb.com/client_websites/pine2/wp- content/uploads/peergroup.jpg