Statistics and its role in Policy, Academia and Decision-Making

© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved.© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved.

Statistics and its role in Policy, Academia and Decision-MakingMichelle Rolingson-PierreVP Financial and Capital MarketsDevelopment Tuesday 29th October, 2013


Trinidad & Tobago IFCWho are we and what we do

• Investment promotion agency • Support development of Trinidad & Tobago economy• Diversify Trinidad & Tobago economy beyond energy sector• Create quality employment opportunities

Overall objectives for Trinidad & Tobago IFC

Key initiatives

• Create employment in middle-office and back-office services, as direct consequence of promotional activities

• Support broader economic development and diversification

• Enable employment opportunities where possible

FINeSS Capital Markets Development

Introduction: Context Setting

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Where and how the TTIFC applies statistics

• Where to dedicate resources

• Helps to add value• Reprioritisation identified

• Training Requirements

• ICT offering comparison

• Number of graduates• Labour supply• Existing skill graduate base• ICT price comparison

Informational Planning and governance

Exerts influence of pending decision

Continuous Assessment

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For example… in ICT (Information and Communications Technology

• ICT Regional Survey April 2013– Price assessment of access and backhaul data resources– Measured across 10 markets – Used to identify consistencies/ disparities – Price comparisons

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For example: in BPO(Business Process Outsourcing)

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• Details of skill pool • Age of labour force• Labour costs • Education statistics• Computer literacy • Telecommunication

access• Real estate costs• Electricity costs


Challenges and impacts when accessing statistics

• Lack of recent data– Hampers the decision making process

• Limited scope of data – Hinders us from convincing prospects

• Limited data– Prevents us from rapidly pursuing opportunities– Allows too much intuitive thinking– Creates biased decisions

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More data = Greater investor confidence


Impact of statistics globally• Public policy effectiveness• Measures the rate of success• Provides accountability to public• Efficient targeting of resources • More effective decision making • Better understanding of situations• Draw verifiable conclusions• Implementation of law• Management by Objectives

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Steps needed to advance statistics in TT

Improve Accessibility

Improve Timeliness• Collection

Analysis Distribution

• Cooperation from providers of data

Communication• Greater

communication needed between user and producer to be more effective

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• Sharing of data• Creation of

pools of data• Responsiveness

of providers of data


Closing statement• The availability of Statistical Data and an ability

to analyse and conclude from same is necessary in order to make relevant and pertinent decisions.

Statistics

Qualitative

Verifiable Results

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If you can not measure it, you can not improve it.(Lord Kelvin, mathematical physicist)

Statistics and its role in Policy, Academia and Decision-Making

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