At Jaipuria, we regularly get to interact with academic and business leaders from across the world. This gives students an international perspective to theirlearning and exposure to the ever-changing global business climate. On August 28th we got one such opportunity. Dr. Kuldeep Kumar, Professor in Economics and Statistics at Bond University, visited the Jaipuria Institute of Management’s Lucknow campus to conduct a workshop in his area of expertise – Business Statistics and Big Data.
As to why he chose statistics for a career, Dr. Kumar said it was the business application part of statistics that always excited him. So, he channels his knowledge and efforts towards business applications, such as data analysis and inter-disciplinary research variables study, to name a few. Before joining Bond University in 1993, Dr. Kumar taught at IIM and the National University of Singapore.
Dr. Kumar began by discussing how business statistics and big data are among the top professions in the world. To elaborate on how business statistics can help detect internal frauds, he used the example of Satyam.
He went on to discuss fraud, corruption, and bribery in India and how these can be eradicated. Later, Dr. Kumar took the time to speak to some students individually. While explaining complex concepts of the Golden Ratio, Fibonacci series, and Benford’s law, he also discussed how misleading advertisements are created by using simple applications of statistics.
Continuing from his discussion on internal fraud, Dr. Kumar said statistical models that incorporate big data analysis should be developed to help predict bankruptcy or fraud. Such information can then be forwarded to the Ministry of Finance, RBI, and relevant tax departments so that the necessary steps can be taken.
When teaching statistics to a class that also includes science, arts, and commerce graduates, Dr. Kumar said the best approach is to begin from the basics of mean, median and mode. Recalling the teaching method in Australia, he said that they use the “triple enforcement teaching technique”, wherein they first conduct lectures that are followed by lab sessions, before sending students out to collect data from their selected areas of interest.
Dr. Kumar wishes to see more students taking an interest in Big data and data analytics, as he predicts there will be a huge demand for professions in these fields in the near future.And, talking about his experience at Jaipuria, Dr. Kumar said he always enjoys interacting with students – especially when they’re attentive like the ones at Jaipuria. The session was informative in that helped build on the concepts students have been studying in class.
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