I want to show the world that understanding of mathematics could make the wildest dreams come true.
http://www.rocko.co.nr/
Certainty does not exist in this world. Yes it feels nice to assume so, but it simply is not there. People like the idea of having stability like that of a job, as it provides a sense of certainty with every paycheck. They have however ignored the fact that vocational demand relies heavily on performance of employers; i.e. they put their lives at the mercy of the local economies.
Conventional “wisdom” then pushes the idea of luck determining winners from losers of life, mathematicians beg to differ. Most individual events occur with arbitrary outcomes; collectively, respectable forecasts have become possible.
E.g. it is unfeasible to predict how long it takes an individual atomic nucleus to lose energy, or experience “radioactive decay”. But studied collectively, the half-life periods of groups of them remain stable. This makes the outcome predictable. Ironic, isn’t it?
Finding and exploiting order out from randomness has served many business models well for centuries, most apparently the lottery scheme, casinos, and the financial markets. The minds behind these industries designed the games in deterministic manners.
The sole purpose of them serves to extract wealth from the uninformed public, hence the veil of mystique.
The next logical question lies in how one could learn and understand all this, then apply it to gain an edge in business. (Yes it is all about selling. Even in the form of a job, you basically offer your time for monetary gains in return.)
Statistics & Probability Theory
Learn the math and work the numbers. The path of least resistance lies in finding areas of high demand for particular skills you possess. No sure-fire winning methods exist for success in business, yet a bit of research and planning could provide an immense head start against the majority (losers).
Hard work alone is not sufficient. I have seen plenty of people working very hard at McDonald. You must learn to plan and research efficiently and diligently. The mind provides much more aggregate value than physical work; this explains why successful corporations focus so much in Research & Development. Educate yourself, make the odds swing your way, it is worth it.
- Related Videos
- Related Articles
- Ask / Related Q&A
Retail Reporting
By: Seetarama Hegde | 28/12/2009Retailing is the most active and attractive sector for last few decades. Since the onset of computers in retailing from past few years, retail executives, managers, and professionals have been challenged to find the most effective way to report information. Writing report is a complex issue since many factors must be considered.
Retail Data Analysis
By: Seetarama Hegde | 28/12/2009Analytics play a pivotal role in the data flow scheme within a retail organization. A typical retailer generates more than thousands of data points through POS machine. It is difficult for a retailer to make strategic decisions based on this raw data.
Brand Management in Retail
By: Seetarama Hegde | 28/12/2009Why are people brand loyal? Why branding is so important in business? What makes the brand successful? Finding answers to these questions leads to successful business which depends on repeat purchasing. It goes well beyond a logo or "look and feel" and encompasses the whole product concept - the promise of delivery, quality, and predictability. It goes beyond just letters, words, symbols, or a combination of these.
How to Use POS Data
By: Seetarama Hegde | 28/12/2009A point of sale machine is a computerized replacement for a cash register. We normally see point of sale machines in retail shops, hotels and entertainment centers put near cash counters. POS machines can be used independently or inter connected with billing counters that gives price information and billing details of a product. POS data comes in many formats txt, EDI, csv, AS2 etc.
What is Markdown Management?
By: Seetarama Hegde | 28/12/2009A markdown is a reduction on price, usually to clear inventory before it becomes obsolete or needs to be removed to make way for new stock. It is a planned reduction in the selling price of an item.
Stages of Product Lifecycle
By: Seetarama Hegde | 28/12/2009Product Lifecycle shows the path of a typical new product which takes from its inception to its discontinuation. Product life cycle refers to the period from the product first launch into the market until its final withdrawal. The understanding of a product life cycle of a product can help a company to understand and to make decisions like, what is the right time to introduce the product, how to plan marketing activities and what price has to be fixed.
Analytical Insights to Improve Profits For a Retail Firm
By: Jethendra | 28/12/2009How do analytical insights of sales data improve profit for a retail firm? It is quiet normal for a retailer to ask this kind of question to himself before selecting any analytical firm for analytical insights. Let us try to understand why a retailer has to use analytical insights with a hypothetical example here.
Demand Forecasting in Retail For Profit Maximization
By: Jethendra | 28/12/2009In practice, retailers calculate demand on sales based on previous day's pattern or the demand for this month is calculated based on the demand of the same month of the last year. However in reality, we hear retailers complaining about situations like stock outs or excess stock by following the idea as described above. Demand forecasting helps a retailer directly to achieve optimized revenue, better replenishment of goods, understand drivers of business, quantify seasonality and promote constant
How Safe is Your Bank?
By: Rocko | 10/03/2008 | Personal FinanceA look at risk associated with bank failure in current economic conditions.
The Birthday Paradox and Risk Evaluation
By: Rocko | 05/03/2008 | Strategic PlanningA proposal that the "improbable" actually takes place quite more frequently than we expect.
Order Out of Chaos
By: Rocko | 04/03/2008 | Strategic PlanningThis writing imposes the importance of gaining a statistical advantage in business models.
Don't Follow the Trend
By: Rocko | 02/03/2008 | Strategic PlanningA realistic look at industries and the importance of innovation.
Arbitrage Themed Business Models
By: Rocko | 29/02/2008 | Strategic PlanningA look at self financing and low risk business models.
Stock Market Downside Bets
By: Rocko | 28/02/2008 | InvestingAn unconventional attempt to profit via downside bets in the stock markets.
Impossibility Revisited
By: Rocko | 27/02/2008 | MotivationalA look at value of others' beliefs and its influence on one's convictions.