INTRODUCTION TO BUSINESS STATISTICS
Whether you are an executive at a large corporation or small business owner, completely out of your depth with business analytics or simply short on time, clear on your objectives or testing out new ideas, ARC’s statistical consulting team can help. All aspects of the business landscape are becoming increasingly data-driven; as a result, it is becoming not only more possible but also more imperative to understand the performance metrics driving your business. Moreover, data-driven approaches are increasingly being utilized across all business sectors to drive innovation and solve recurring managerial and operational problems. One major difference between business in the 20th century and business in the 21st century is the wide availability of past data. Using statistical methods, we are now able to estimate the impacts of certain conditions or variables on key financial outcomes such as future performance and demand for products or services of firms, thereby allowing management teams to make more informed decisions regarding firm policy and focus. If your firm has large amounts of past data and feel that organizing, summarizing, or analyzing them will be helpful, be sure to let ARC know!
Types of Business StatisticsIn the Healthcare sector, statisticians have been collaborating with medical doctors, nurses, dentists, and other Public Health professionals to analyze data. From testing the efficacy of a drug or a vaccine to identifying gene expressions that may be significantly associated with certain health conditions, Statistics (and Biostatistics) has been a powerful tool in healthcare research for decades. ARC works with many biostatisticians who have been collaborating with clients in the healthcare sector for years to assist them with their data analysis needs.
In Economics and Finance, statistical modeling is often used to predict future prices of goods or market performance over a key timeframe. Many investing strategies are based on statistical algorithms, where past data can be used to make profitable future investments through analyzing past patterns and trends. Governments also use statistical models to estimate or predict economic measures such as the GDP or the GINI coefficient. ARC has worked extensively with analyzing Economics and Finance-related data including large-scale corporate data, government data, and stock market data (e.g. NASDAQ, SP500, etc.).
ARC’s statistical consultants take pride in being able to bridge the gap between academic and corporate research, while still adopting the same collaborative approach that drives our comprehensive academic consulting services. This means that the client will be able to understand exactly what factors have contributed to their business success and to what extent, while receiving background information on why their corporate decisions will also be academically sound and justified. Although receiving statistical consultation services may not be a make-or-break for your business, it can be an excellent supporting tool for understanding what improvements may be needed to take your success to the next level.
Need to improve your sales metrics? Analyze your expenses or pricing structure? Quantify consumer perceptions? Assess your company’s competitive performance? Or conduct a different custom analysis altogether? No problem – ARC’s world-class team of statistician PhDs can efficiently provide you with the in-depth answers that your business needs.
We provide statistical business analytics for clients across a wide variety of sectors, with particular expertise in a few key practice areas:
Biostatistics – ARC knows biostatistics. We specialize in efficacy studies for clinical trials, longitudinal data analyses, survival analyses, statistical genetics, and machine learning studies. Visit our dedicated Biostatistics page to learn more about our biostatistics consulting services for pharmaceutical companies, public health professionals, and other clinical researchers.
Finance & Economics – Need to construct a financial or economic model? ARC designs and builds statistical predictive models utilizing company data, stock data, or other numerical information, typically aided by machine learning methodologies. We specialize in LASSO regression models, Principal Components Regression (PCR) models, and other methodologies commonly used for data analysis projects in the Finance and Econometrics sectors.
Casinos & Gaming – Got a gaming idea? ARC can help you to determine the commercial viability of your gaming concept by computing payout odds, developing recommended payout structures, and performing simulation analyses. If you believe that your casino game is marketable to a casino or a gaming corporation, ARC can help with submitting any required odds and payout structure calculations as well as any feasibility reports needed for the game to be approved and offered to the general public. Companies such as Gaming Labs International (GLI) and BMM Testlabs have contracts with state gaming authorities that allow for the testing and certification of various casino games. In any case, ARC can work with you to further develop your gaming idea, to solidify the numbers associated with your gaming approach, and to assist you in getting your game approved and marketed to a casino of your choice.
ARC’s statistical consulting team conducts complex gaming analyses for a wide variety of casino & gaming industry participants, with past clients including Caesar’s Entertainment.