Employing Business Statistics to Analyze Data

This white paper presents an elaborate insight into statistics as a service and the value it provides to a large spectrum of industries

results. The paper also highlights future challenges confronted by statistics on the whole.

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oil & gas industry..............................

requirements....................................

whitepaper-Employing Business Statistics to Analyze Data

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It also entails the practice of assimilating and evaluating the data which is followed by summing up the data in a mathematical structure. In addition, sta-

-sis of a procedure that statisticians or analysts use to distinguish data. Statistics are widely used in several areas today. The idea of randomized controlled trial which happens to be an investigational method and is widely used in the pres-ent day in biomedical and pharmaceutical research and several other industries is largely driven by statistics. Statistical techniques also happen to be a core feature of several software applications that use machine reasoning, one of which is facial recognition software. It has been used in a court of law to evalu-ate whether a sequence of events led to incriminating circumstances or it was just coincidence. As a matter of fact statistical analysis is being extensively used today to predict the outcome of prominent sporting events and also to analyze polling scenarios.

Statistical tools are required to deduce the meaning of a set of data that has been accumulated. However, data precision may vary with the accuracy of the tools that are employed to collect the data which results in data being generat-ed from a random procedure. Data is rampant today. With the advent of the internet people leave behind large volumes of data while accessing a website or availing an online service. For instance; large conglomerates like Google and Facebook (to name a few) accumulate large volumes of data about people who

extensive studies to understand the dynamics of how a webpage’s design is instrumental in attracting visitor or test the probability whether a particular visi-

-pass millions of respondents which generates a large amount of data. The role of statistics is to streamline this data and make it readily available for use in a format that is precise and comprehensive, often following a mathematical format.

Basically statistics refers to numericanalysis that largely involves applying quantitative facts, models and abstracts to experimental data or real life scenarios.

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Similarly, the oil and gas industry through its complexoperations such as discovering and churning out hydrocarbons generates a large amount of data,

to deduce and amalgamate this data. This warrants theneed to deploy statistical techniques in oil and gasindustry operations.

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In the present day, statistics are being used in almost all areas be it, education, manufacturing, oil & gas, pharmaceuticals, research, government etc. For instance; lets’ consider the pharmaceutical industry. The pharmaceutical indus-try employs rigorous statistical checks on every new drug before it reaches the end user. In the educational arena statistics are being used to understand the academic inclination of the student population and also to highlight the poten-tial of education for future generations. It is also being used to evaluate student performance. In manufacturing statistics are being employed to assess the pro-ductivity of the manufacturing process. They also use the probability theory to test the production procedure for unforeseen contingencies and devise alter-native strategies to circumvent such contingencies in future. Research organi-

government bodies also deal with a large amount of data related to the popu-

as the data that is extracted is structured in a precise format and presented accordingly

The oil and gas industry in general deals with large volume of data which is vital towards arriving at strategic technical conclusions. With an objective to under-

it, oil and gas organizations have vastly relied on statistical data and heavily invested in software, visualization tools and other technologies. With a marked growth in all-encompassing computational tools such as; reasonably priced sensors that extract and disseminate valuable data, combined with innovative tools that analyze data and enhanced storage abilities are revealing more potential each year. It is now possible for oil and gas manufacturers to acquire

areas that were beyond the scope of access, with an objective to enhance oil and gas industry operations. Arriving at such statistical conclusion facilitate oil and gas organizations to enhance their production capacities almost six to eight percent. A survey of more than four hundred executives from various sec-tors revealed that organizations employing superior statistical measures dou-

whitepaper-Employing Business Statistics to Analyze Data 4

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cal aspect of the oil and gas industry. This aspect of the business is taken care of by employing frequent inspection of the facility. Inspection is initiated to ascertain and express that the condition of the pressure levels and sustaining structures are stable. A large portion of such inspections are undertaken using the sampling inspection method. Sampling, as the word suggests undertakes to inspect just a portion / sample of an entire system. It would mainly involve inspecting a part of the pipeline and using statistical tools to predict the overall condition of the entire system. The sampling inspection method heavily relies on two primary modes of statistical tools to arrive at results they are; extreme value analysis and compliance testing.

The most prominent challenge that is being faced by statisticians today is the -

ent people. The reaction of an average individual to big data would be about data security. They would be concerned as to who would be accessing their personal information and how? For those in the IT sector big data would relate to problems in storage, management, communication and computation.

-es. They would be concerned as to how to extract vital information from data repositories that are voluminous and intricate. The question that looms large on their minds is whether they would be able to utilize traditional analytical tools to mine the data and the quality of voluminous data. Though big data will

statisticians should ensure they don’t miss

Wall Thickeness

WT-nom

WT-min

T-Remnant LifeT-First Detection Time

Compliance

Extreme Value

CorrosionRate

DetectionTherehold

Figure :Demonstrates the application of the said two statistical tools

Source:TERPSTRA S. Use of Statistical Techniques for Sampling Inspection in the Oil and Gas Industry.; 2009:1-19

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Guires Outsourcing happens to be one such outsourcing agency that under-takes a diverse range of activities amongst which statistical services are a core component. Guires understands the intricacies involved in statistical activities

organizations to advance their day to day operational procedures in a thor--

tistical analysis for drilling and production of oil and gas. Statisticians at Guires -

ysis strategies. Moreover, the highly experienced and dedicated team of statis-ticians at Guires is committed to a project right from commencement to termi-nation. Guires can also act as statistical specialists who extend exceptional ser-vices through the research process or even liaise with oil and gas organization’s internal team of statisticians to facilitate the achievement of preset objectives

As mentioned above statistical activities are undertaken by almost all organiza-tions including the oil and gas industry. The primary concern of oil and gas organizations’ is to extract oil from the earth that too in extreme circumstances. Undertaking statistical activities would require an oil and gas organization to employ statisticians or use in-house resources to execute statistical tasks. In case the organization opts to use in-house resources that are not equipped to execute the task, it would result in loss of time, resources and the end result

other hand, employing statisticians as a full time employee can be a rather

question to opt for outsourcing their statistical activities to external organiza-tions. By outsourcing the task of statistical activities to external agencies, oil and gas organizations can concentrate on their core activity which is producing

have to worry about diverting their existing resources into doing something that extends beyond their area of expertise and they also obliterate the risk of loss. All they have to do is choose the right outsourcing partner and contract the task of executing statistical activities to them.

whitepaper-Employing Business Statistics to Analyze Data 6

statistical analysis for drilling and production of oil

insight into analytic design and build intricate statistical analysis strategies.

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Enhance Productivity – Outsourcing to an external vendor can contribute -

tivity of an organization. Attention on critical areas – Through outsourcing, organizations can maximize their focus on critical areas aiding them to boost other aspects of their business. Quality – Through outsourcing, organizations can ensure that the quality of the outsourced task is up to the mark.

Core Competency- -cial as third parties are more equipped to undertake and execute the task at

tasks as KPO’s have the technical resources and the manpower to execute such tasks to the satisfaction of their clients.

One point contact – Guires connects you with the right personnel who fully understands your requirements and harnesses their expertise and know-how in delivering the project. This ensures that there is no ambiguity or any confu-sion in executing the project.Complying with international standards – Guires ensures that the statistical services provided adheres to international principles and standards which ulti-

Reduce client stress – Once a project is outsourced to Guires, clients need not

can expect the desired output within the pre-determined timeline.Non-disclosure agreement – Before initiating the project, a non-disclosure agreement is signed with the client and the project members. This is done with

and will not be shared with others.

Management support – Every project is individually supervised and micro-managed by Guires management that has extensive expertise and expe-rience thereby providing valuable feedback and insights which is aptly utilized to streamline the project.

Timely delivery – At Guires, it is ensured that projects are delivered on time in a concise and satisfactory manner.

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Top reasons to choose Guires as your outsourcing partner

About Guires

To learn more about how Guires services and solutions help solve your business and IT challenges Con-tact a Guires representative or visit us at

Established in 2011, Guires o�ers multiple solutions which includes; research assistance, management-con-sulting, technology, outsourcing, analytics, 3D animation, marketing and sales solutions across industries. As a third party strategic service provider, we are multidisciplinary in our approach and we adopt a highly indus-trialized process that is underpinned by a robust SLA that conforms to industry best practices. Outsourcing solutions that we o�er are not only �exible but also cost e�ective. With more than 100+ clients, Guires serves healthcare and life sciences, retail, travel and transportation, insurance, mortgage, logistics and telecom industries. We o�er value added services to organizations across the globe especially in the UK, US, Europe and UAE. The company is headquartered in Chennai with sales o�ces in London, New York, Canada and UAE. We are passionate and committed to the industries we serve and are renowned for our process excellence, domain expertise, global delivery and technology.

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