Business Daily from THE HINDU group of publications
Monday, Oct 30, 2006
ePaper
Business Daily from THE HINDU group of publications Monday, Oct 30, 2006 ePaper |
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eWorld
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Letters Creating awareness
Sir, This is with regard to the article `Room for Opportunity', by Bharat Kumar, which appeared in eWorld dated October 9, 2006. The interview was interesting and informative. It will benefit business executives, Management Faculty, and students. The role and importance of Mathematics, Statistics and Economics in management and business decisions have been well-discussed and highlighted. Insights into these disciplines will enable and empower managers to perform better and achieve greater customer satisfaction. It has been my endeavour in the last 25 years to bring the trio — Statistics, Mathematics and Economics — to closer focus of decision makers, MBA students and managers in the services sector through streamlined courses and Modular Programs. Several Statistical and operations research (OR) models largely remain theoretical and have not been applied in real life and business decisions significantly. Transpiration Models, Simulation models, ANOVA and testing of hypothesis are highly relevant in today's probabilistic environment. I have done several case studies of applications in supply chain management (SCM) and healthcare management (measuring cardiac risks statistically). Technology has empowered executives to adopt these tools but they have not been taken up. eWorld's article can create awareness in this regard. Dr H.K. Lakshman Rao, Consultant, Placement and Corporate Training.
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