This article is an interview with Gr. Mahindra who has published a new book called "Graphs and tables for the modern manager". Mahindra explains how maths can transform the work of a manager. Secunderabad, India. - August 1, 2014 - (iNewswire)
1. You say that the book will revolutionize how managers approach their work. How so?
The book is especially useful offline and in remote locations. Further, we are historically going through a period of time where managers are well positioned to analyze large data sets, and picture the world in a clearer and objective way. Thanks to the initiative of global tech companies, 'processing power' is now in the hands of all managers. This is a good time to review one's math and stats knowledge so that one can leverage these technologies and one can make a better sense of the market.
2. How exactly? What are the specific possible applications of your product?
Well, it provides basic maths and stats information. It is a reference book and application areas, although readily apparent, are beyond its scope. Managers encounter on a daily basis stock run charts, industry salary trends, revenue forecast for specific product lines, Y-o-Y financial data for business perfomance etc. Evidently, graphs are used to make sense of this data.
I will, nevertheless, give a very simple example to illustrate the power of maths. At a macro-economic level we are bombarded with average GDP growth and per capita income data to compare relative economic performance of countries. While GDP growth figures may interest investors they do not tell us if average Joe's life would be better this year. In other words, we don't know from the numbers if the general well being is advanced. Lack of proper application of maths is responsible for this phenomenon of erroneous econometrics. A superior measure would be year on year rise in median income. Analysts can come up with even superior measures that capture inflation adjusted incomes. So, I call upon economists and analysts to think afresh about these matters.
3. You say that the book helps managers handle complexity. How exactly?
As managers we describe the situations we normally face and then come up with a set of variables that capture the key metrics that characterize the situation. Some known numbers, constant but unknown quantities, and some dynamic (e.g. varying unkown) elements could form this set. Based on the relationships of one with the others, we can approximately or accurately find the unknowns thereby improving our ability to make better decisions.
For example, to assess the value and benefit of a product - a complex task - one could gather publicly available information such as product specifications, procure some other secondary data such as customer reviews and ratings, and finally quantify and record one's own direct experience of using the product. You can put together all these into a rich and a more accurate picture of what would otherwise be a complex object. Similar such analytical methods are used in different situations depending upon what is most appropriate and relevant.
“Graphs and tables for the modern manager” - This book is listed on Amazon.com and the book website is at www.graphsandtables.jimdo.com.
Read related articles at graphsandtables.jimdo.com/press-kit:
- Indian Author's Math Book to Simplify Life for Managers.
Democratizing publishing – how far have we come?
One-on-one with Indian math book author.
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Original Source: Transformation With Maths For Managers - A Conversation
