A guest lecture was held on January 17, 2018 as part of the research methodology course for students of I MBA( batch 2017-2019) . Prof. A. Rajagopal, SQC &OR specialist, Indian Statistical Institute gave a lecture on the use of statistics in various business aspects for its analysis and improvement. Everything around has a business motive and the business as such, involves risk at its own range. Using statistics risk can be predicted, its main role is risk assessment. Apart from assessing risk, the problem considered is assessed for its performance. The steps involved are: monitoring, measuring, analyzing, evaluating and improving. Monitoring is to check if the process is done continuously without any interruption. The problem is measured either quantitatively or qualitatively; it is categorized or oriented with instrument. Analyzing is relating two different variables, for example the relation between hours of study and the marks obtained. Evaluation and improvement is a combined process where in the requirements for the problem solving are met and further improvements are added.
He also discussed about the decision support systems involved in carrying out the above discussed steps. There are many types of decision support system based on the nature of the issue and the final motive also. The difference between the process and the product where discussed. Statistics helps to analyze the past and the present before taking decisions based on data collected. He concluded by mentioning that statistics is involved in all spheres of life around us. It is the only subject that speaks probability and the risk involved. Around 80 students of I MBA, Ph.D Research Scholars and faculty members of Research Methodology course, Center of Operations and Prof. G.K Suresh participated in the guest lecture. Mr.Parthiban, V. and Sakthivel M from I MBA coordinated the event under the guidance of Dr.B.Poongodi, B., Assistant Professor.