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DATA ANALYSIS & PREDICTIVE ANALYTICS

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Statistics everywhere

According to the definition, statistics is the discipline that applies the statistical and mathematical instruments to the economic analysis and management of any organization.


As regards the Organization Information System, the use of internal statistics (the analysis of data originated in house and concerned its organization and management) and external statistics (market analysis, competitor activities studies, researches of new sectors and opportunities) is even more the basis for all the operating and strategic decisions.


Our aim is to express the numbers meaning with concrete and real facts, creating the conditions for every management decisions and not only for filling a report or a database.


Statistics is like a glue between the Sector or Organization accounting and its decisional centre. It makes predictions about the business system and it offers a more complete analysis  through the division in Business Units.

The use of econometric models with the proper statistical techniques brings the management to the optimal position to take micro/macro economic decisions: with these techniques it is possible to link economic variables for activities of forecasts and control, identifying trends, risk elements and results sensitivity to the hypothesis.


AREAS OF USE/EMPLOYMENT OF BUSINESS STATISTICS


Technology and production

a)    Estimation of productive activities timeliness (for example through a sample survey);

b)   Statistical support for supply management;

c)    Support for test and acceptance control (models development starting from Hypothesis Testing);

d)   Reliability control (statistical estimation of reliability and adequacy to qualitative standards);

e)    Statistical support for environmental controls.


Research and Development

a)    Statistical analysis of experimental results;

b)   Statistical analysis of economic suitability of the experiments.


Marketing and Market analysis

a)    Sales forecast;

b)   Price determination;

c)    Customers profiling (incidence of cultural, social, personal and psychological factors);

d)   Competitor analysis and evolution (market share, sales volume and productive capability);

e)    Efficacy of advertising campaigns;

f)     Forecast of current and prospective demand (statistical analysis of time series);

g)    Segmentation and determination of Target markets (cluster analysis and multivariate statistical analysis).


Accounting and Management

a)    Statistical support for certification of financial statements through sample review

(sample determination, techniques of sample selection, relevancy of sample results to the whole universe through reliability estimation)

Use of the following statistical methods

  • -   estimation sampling (estimation of unknown parameters of population)

  • -   identification sampling (verification of the possible presence of a property assumed as necessary, such as the absence of falsified            accounting entries)

  • -   acceptance sampling (a set is accepted if the sample frequency is below a certain threshold, for example the percentage of incorrect      accounting entries)

b)   Statistical analysis of correspondence of budget results the real ones (determination of accidental or systematic causes)

 

STATISTICAL BENEFITS AND DIFFERENT APPLICATION AREAS

  1. -    Health sector: statistical estimation of the effectiveness of the vaccines or a new method of performing a surgical operation;

  2. -    Insurance: recognition of risk;

  3. -    Finance: evaluation of insolvency risk;

  4. -    Trading: risk estimation;

  5. -    Construction of a system of data collection in order to build the statistical series;

  6. -    Analysis and implementation of market research;

  7. -    Evaluation of phenomena by statistical methods;

  8. -    Design and development of systems for assessing the company’s performance (in the commercial area, debt collection, timeliness        of order fulfilment and goods delivery…).