© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved. Statistics and its role in Policy, Academia.

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Presentation transcript:

© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved. Statistics and its role in Policy, Academia and Decision-Making Michelle Rolingson-Pierre VP Financial and Capital Markets Development Tuesday 29 th October, 2013

© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved. Trinidad & Tobago IFC Who 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 2

© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved. 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 3

© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved. 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 4

© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved. For example: in BPO (Business Process Outsourcing) 5 Details of skill pool Age of labour force Labour costs Education statistics Computer literacy Telecommunication access Real estate costs Electricity costs

© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved. 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 6 More data = Greater investor confidence

© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved. 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 7

© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved. 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 8 Sharing of data Creation of pools of data Responsiveness of providers of data

© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved. 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. StatisticsQualitative Verifiable Results 9 If you can not measure it, you can not improve it. (Lord Kelvin, mathematical physicist)

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