Understanding Statistics and Datamining

Some say the new numbers reflect the difficulty of getting a firm read on China’s economy. The revisions are “a reflection of the lack of control and the lack of detailed understanding of what happens in China,” said Robert Broadfoot, managing director of Political & Economic Risk Consultancy Ltd in Hong Kong.

It is not a lack of control, it is rather a lack of standardisation of data gathering methods, with proper reporting of any deviations, to let statisticians understand numbers, to analyse scenerios, so that it can be useful for data mining, to use intelligent numbers for planning. Every economy is the same, and different countries have different methods, not many can readily read the numbers, to effectively use it to solve problems.

Nobody is as crazy as me, you give me a set of economic figures, I can roughly guess your method of gathering your data, the size and the segment. I can zoom in to have a narrow view, zoom out to have an overall view, and even sample data to have a rough idea on the situation on the ground without the use of supercomputers. The idea is to understand what is happening on the ground, that is the reason why I can see a lot of things people can’t. Not only that, the data and the methods can be exported to fit other scenerios, to understand other markets, if you understand one you will understand all, just make sure the ways you gather your data, you know if your methods deviate, you adjust accordingly, with micro and macro views, nothing will be that complex in the world.

If I promise you a set of perfect figures, you better doubt me, the study of statistics and data mining is to derive “indicators”, and to determine its accuracy, if it deviates you must be able to explain why and how, its percentage so that it will provide “feelers” for others to plan ahead. It can also help you to indentify problems, and look for solutions, if you expect it to help you predict the future, be very disappointed.

My experience with the study of monitoring and trying to predict stock exchange indices on realtime data gives me the capability to see different views on the fly, analysing a whole range of views, but sadly, not number crunching, or I would have already perfected my product, instead it was abandoned. But it helped me on many other things.
– Contributed by Oogle.

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Author: Gilbert Tan TS

IT expert with more than 20 years experience in Multiple OS, Security, Data & Internet , Interests include AI and Big Data, Internet and multimedia. An experienced Real Estate agent, Insurance agent, and a Futures trader. I am capable of finding any answers in the world you want as long as there are reports available online for me to do my own research to bring you closest to all the unsolved mysteries in this world, because I can find all the paths to the Truth, and what the Future holds. All I need is to observe, test and probe to research on anything I want, what you need to do will take months to achieve, all I need is a few hours.​

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