Monday, September 29, 2008

The Biz School Chronicles - Week 01

Where: Lecture; Statistics for Management

"Data collected by a business become strategically irrelevant without proper statistical analysis."

Imagine how much data is gathered by various systems on a daily basis. Apache server logs record each and every request made to your web site, Google Analytics, AdWords and similar solutions store detailed information about the time and money your business invests online and the visitors directed via these investments. But how often do you actually analyze this data and apply statistical techniques to them in order to derive valuable information? Information that will not only save money in the short term but shape the strategic decisions and investments you make on behalf of the company?

Lecture; Financial and Management Accounting

"Sri Lankan accounting standards (SLAS) mandate that when preparing financial statements for a group of companies, IF any subsidiary under the parent company has shares owned by the said parent, amounting to more than 50% of the total shares, statements of both companies to be consolidated. "

Shit like Enron will never happen here :) How? since the parent company is now legally required to show Balance Sheets for its subsidiaries (the ones it can manipulate because it has more than 50% stake in them), there is little chance to 'fake' profits by hiding debts and losses in those subsidiaries.

Those were the two most thought provoking things I walked away with this week ...