What are the uses of statistics in real life?

Statistics perform an essential role in every field of human activity. The importance of statistics is far-reaching and includes almost every possible domain. Uses and importance of statistics can be seen in fields as different as agriculture, mathematics, healthcare, engineering, decision making, geography, sports, sociology, marketing, government, nursing, planning, banking, economics, research, education, medicine, accounting, business, technology, psychology, business economics, business management, industry, physics, biology as well as educational research. 

Statistics

Statistics are a collection of numerical equations used to examine what is happening in the world around us. You have heard that today we live in the information age where we understand a lot about the world around us. Most of this information was mathematically determined using data. When used correctly, statistics tell us any trends in what happened in the past and can be useful in predicting what may happen in the future.

Stages in the Statistical Process

The key stages of the data are explained in a simplified form:

Planning a study

There should be a subject that requires investigation. Planning needs to determine which equipment to use, who to talk with and how to analyze the findings.

Organizing data

The best way to get valid answers is to effectively organize information to help detect patterns and other important relationships.

Understanding statistics

This is the heartbeat of statistics. Interpretations can have lasting effects, and it is important to ensure that they are valid arguments and supported by mathematical reasoning.

Presenting data

The methods you choose to present data can make the findings more interesting or powerful. People use graphs, tables, and different diagrams to show relationships between data.

Here are some examples highlighting the importance of statistics in different fields.

Business

Statistics play an important role in the business. It helps a businessman to plan his production according to the customer’s taste and choice. It also helps in determining the quality of the product. A businessman can make the right decisions about the location of the business, marketing of products, finance, resources, etc., through statistics.

Economics

Statistics play an important role in economics. Economics largely depends on the statistics. In economics, statistical methods are used to collect and analyze data. The relationship between supply and demand is also studied by the statistical method. Import and export, inflation, per capita income are problems that require good knowledge of data.

Mathematics

Statistics is a branch of applied mathematics. A large number of statistical methods such as probability average, dispersion, estimate, etc… Used in mathematics and various techniques of pure mathematics such as integration, differentiation, and algebra are used in statistics. Thus statistics and mathematics are interconnected with each other.

Banking

Statistics play an important role in banking. Banks use data for many purposes. Banks use a statistical approach to estimate the number of depositors and their claims for a certain day.

Weather Forecasts

Do you see the weather forecast during the day? How do you use that information? Have you ever heard a forecast talk about weather models? These computer models are created using data that compares pre-season conditions with the current weather to predict future weather.

Medical Studies

Scientists must show a statistically valid rate of effectiveness before prescribing any medication. Statistics are behind every medical study you hear.

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