It has been over 15 years since I have studied advanced statistics at the University. Now, I am seeing everybody talking and writing about statistics in many areas in which I used to only see it used in isolated fields such as the financial industry, economics or biotechnology. When I observed the new terms and language I saw everywhere in dedicated documents, websites and other publications such as ‘Machine Learning’, ‘Metadata’, ‘Datanodes’, ‘ANOVA’ and ‘perceptron’, I became really nervous to learn my statistical knowledge may be becoming obsolete. Therefore, I definitely needed to do something about it. It was not my intention for it to become obsolete. Something as useful to me as statistics has provided me with plenty of solutions and insights. Thus, putting me ahead of many of my colleagues in areas of audit and internal controls.
After spending time researching the new terms and language using several tutorials, deep readings and many other studies, I found most of what I have learned was part of my traditional statistical knowledge but in a new fashion. Now, there is a lot of emphasis on using computers, software tools and coding language to process colossal amounts of data. So, I am fine with the statistics I learned long time ago, but now I have a lot of additional resources and tools which makes statistics more powerful. Nothing to fear! To be up to date with my statistical background, I am developing substantial knowledge about the many wonderful tools and coding languages that is so useful for statistics freaks like me.
To the “old school statisticians”, don’t be scared about the statistics you have learned long time ago or recently. Even if you feel it is very basic, it is essentially the same thing with updated names, nomenclatures and new tools in which to process your data–very far from my days in which I used my electronic calculator. Fortunately, we can perform a lot more analyses with a lot less resources, but with the same knowledge. Isn’t it great?!
To perform well in statistics, I give this advice based on my experience: keep it simple and understandable. Remember the winner is not the best model, it is who has the best data.
This blog post was written guest blogger by Pablo J. Moreno, Audit Senior Advisor.