What you think you know: Compare to Statistical Facts

In this very insightful TedTalk, Alan Smith outlined the false dichotomy that there are only two types of people: those who’re good with numbers & those who’re not.

By visualizing prior studies and comparing official figures from national statistics with what samples of people think/ perceive reality to be, Alan’s presentation shows the disparity between what we think we know and the actual facts – most often than not, the difference is preposterous. In an era of ‘Fake News’ and dubious information, an appreciation for the veracity of statistics is evident.

 

At Balcostics our mission is to empower leaders with the required data and information to make better decisions. Learn more about our full list of research outsourcing services for individuals and companies: Click here

 

Planning your research: The simple yet effective whiteboard

Before embarking on a new research project, the following are considered extremely important to the successful execution of same:

Brainstorming:

Planning should begin with the brainstorming phase, where the problems/ questions that need answering is verbally aired, reviewed and discussed. A white board is an excellent tool that can be used to capture the information and foster the discussion surrounding the problem. Generally most of your research questions come from these brainstorming sessions.

In my experience with Balcostics and helping people with their analysis, I’ve come across many persons who went and collect data that was not relevant in answering/ solving the problem they commissioned the research to solve. Dwayne Spradlin highlighted in his Havard business review article “Are you solving the right problems?”, the importance of asking the right questions and thoroughly defining the problem.

Organizing:

Organization is key! Most successful researchers have good project management skills, whether they were formally trained or not. Tasks listings, resource allocation, budget and timelines are necessary evils in the planning process.

Research is a methodology, Not percentages!

Research is a systematic way of collecting, analyzing and presenting data. The methodology used in the design, collection and analysis of the data is imperative. The methodology should be given high priority, to ensure the sample is representative and margin of errors are adequate.

Please comment and share your opinion on any of the simple points presented.

Visionary Entrepreneur

About the author:

Luwayne Thomas Bsc., Msc.

Co-founder & COO @balcostics

Follow on twitter: @LuwayneThomas

 

Jamaica Olympics Medal Stats (1948 – 2012)

Jamaica is renown for it’s excellence in track & field. In this infographics, we highlight Jamaica’s performance at each Olympics from 1948 to 2012 London games. With Rio 2016 only a few months away, we pause to reflect on our past achievements.

What’s your prediction for the total number of medals Jamaica will earn in Rio?

Balcostics Olympics infographic-2016

At Balcostics our mission is to empower leaders with the required data and information to make better decisions. Learn more about our full list of research outsourcing services for individuals and companies: Click here