Stats and Strategies: Are they Helpful in Everyday Life and When Exactly?

Stats and Strategies

Stats and Strategies Helpful in Everyday Life: In the words of Suhail Doshi, CEO of Mixpanel, “Most of the world will make decisions by either guessing or using their gut. They will be either lucky or wrong”. Being human, we sometimes let our emotions get ahead of ourselves when it comes to making decisions. No matter if the decision is minuscule or huge, the bias brought about by emotion is bound to interfere.

While this bias might not impede small decisions as much, it still tends to disallow objective decision-making. This is the decision made by looking at cold, hard facts, evidence, and statistics.

In our digitally dominated world, data-driven decisions are what allow businesses to become successful. Simply put, data-driven decision-making is the act of using data while making decisions, allowing you to come up with a valid course of action that is backed up by evidence.

This logical approach extends beyond the context of business. It can greatly help you as you navigate through your personal life, especially when making decisions about your future actions.

Carly Fiorina, the former CEO of HP, was reported to have said, “The goal is to turn data into information and information into insight”. Now, let’s ask a question: is this approach to decision-making beneficial? And where should it be applied? Well, that’s what we’re here to answer!

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If You Like Games, You Have Stats and Strategies Helpful in Everyday Life

Games have had strategies for a long time now. The two concepts are linked by game theory, which explains the science behind strategies and how actors in a certain setting can make the best decisions. This theory can also be applied to other areas of life. Be it a business that you have recently started or personal finances that need managing, By playing games, you’ll develop an understanding of strategies at a low cost. Additionally, most games give feedback about the decisions you have taken, allowing you to evaluate yourself in real time.

Let’s take an example of a famous game long since renowned for the strategic and critical thinking skills it requires to win; poker. This game forces you to develop strategies, read your opponents, and evaluate the next potential moves, all so you can outmatch your competitors. One sure way to get better at poker is to work on your pre-flop, an essential better round no matter what variant of the game you’re playing.

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It’s the nature of this game that positioned it as a logical battle, linked to psychological and behavioral complex situations. To navigate in this labyrinth wisely, gamers use poker strategy to have winning games and do not play “with their guts”. Knowing when and how to bluff is a crucial element of playing Poker. You’ll need to strategically devise your bluffing techniques to se­cure victory.

Chess is another game that requires you to think in a structured pattern. If you make your moves blindly, you will get backed into a corner. In chess, it’s important to take a look at the bigger picture displayed on the board. Once you work a tactic, only then do you make your move. However, since it’s impossible to predict your opponent’s next move, games like chess force you to continuously re-evaluate your strategies.

Technology Made Data Even More Important

With the way technology has overtaken virtually everything nowadays, the importance and usage of data cannot be overstated. According to reports, 328.77 million terabytes of data are generated each day, a mind-blowing number. Tech companies and businesses of all kinds use this data to drive their decisions.

The constantly growing amount of big data has led to the need for professionals to handle it. Data science, a field within computer science, is growing rapidly. These scientists work to make models using predictive algorithms. The BLS predicts that data science jobs will increase by 35% over the next decade, much faster than other jobs. According to BLS data from 2022, these positions paid $103,500 per year.

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Aside from these, data analysts work to prepare and evaluate data before visualizing it, often seeking to find trends and statistics. If you pursue this field, it will net you an income of $80,109 annually.

Can Strategic Thinking Be Acquired?

Being humans, we are not naturally born with this incredible skill. It is learned and taught to us as we progress through each stage of life. By analyzing problems and devising appropriate solutions, we begin to understand and think critically.

Apart from this, there are a great many books written that talk about this subject. The Long Game by Dorie Clark is a particularly well-known one. It describes how to apply strategic thinking to all areas of your life.

Online courses found on Coursera or edX also offer in-depth explanations on this topic. These are often taught by professionals at top universities.

Conclusion

Everyone, from top organizations making business decisions to a normal individual evaluating where to purchase groceries from, uses statistics and strategies to come up with an optimal solution.

Next time you want to make a decision, try thinking critically about the outcome you want to achieve.

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