Rediscovering Statistics

Business Insight









Recently, I’ve been re-learning statistics.

The first time I encountered statistics was decades ago, during my university days. I recall struggling through difficult textbooks, cramming for exams in a couple of days.

My second encounter was during my time at business school. My MBA curriculum included a course on “Business Statistics,” which covered the fundamentals of statistics. However, the emphasis was primarily on utilizing spreadsheet software (such as Excel) for analysis.  Consequently, this subject didn’t cover the theoretical aspects.

Thanks to my prior exposure to some of the MBA course topics and my working experience in a consulting firm, some of the subjects were relatively familiar to me.

Thus, I decided to delve into more advanced areas, such as the mathematical foundations underlying statistical or financial theory.

However, I lacked a solid foundation in mathematical concepts typically covered at the university level. To address this gap, I visited the university bookstore and purchased a thick textbook designed for undergraduate mathematics students.

Despite its intimidating size of over 1000 pages, the book started with the basics of high school mathematics and was very readable to me.

By revisiting statistics and finance from its mathematical foundations, I was able to gain a deeper understanding of subjects that are rooted in mathematics.