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Importance of Statistics in Daily Life – Learn More About It

Statistics is a science of studying and learning from data. These are not just numbers and facts. It’s a disposition of knowledge and procedures that allow you directly to learn from data reliably. It allows you to evaluate quantitative and qualitative evidence that helps you to differentiate between reasonable and doubtful conclusions. In today’s time data are plentiful and they are interpreted by so many scholars without any motivation. It is crucial for science to progress, make new discoveries through the study of data and help in making predictions. It helps you to understand things more deeply.

Studying statistics is crucial in our time because learning from data and navigating common problems and critically assess the quality of analyses that others present. It is used to keep records, calculate probabilities and knowledge, etc. Through numbers and other quantitative information helps the world to understand a little bit better. It is used from the primary students to MNC professionals in daily life. According to psychology, for students who get good command over it, there is a high chance of getting success. The definition of statistics has been expanded from just a collection of data to a much broader meaning. It is an extremely powerful tool to assess the experimental data and make the right decisions from it.

Uses of Statistics

It compares data through mean, median, and mode. It helps in planning data collection in terms of designs and surveys. It is applicable to a wide variety of academic disciplines and a tool for prediction and forecasting. Statistics is a branch of mathematics that helps to analyze what is happening around us. Applied mathematics is a segment of statistics specialized in data analysis. 

Examples that prove the role of statistics in daily life :

  • Government – It help governments to take decisions related to health, populations, education, and more. It is the main tool to assemble the data or take the census of the population of the country and make decisions accordingly. 
  • Emergency Preparedness – Through the right predictions about any natural disasters made by scientists with the help of statistics, we can make advanced emergency preparedness. 
  • Weather Forecasts – It is important for making observations, and prediction models. Statistics functions used for weather forecasting are inbuilt in computers and help to compare the pre-recorded seasons and weather. 
  • Research – Interpretation, explanation, and data acquisition are some of the areas where they play a major role in research work. It can help the researchers to summarize, and describe the outcome of the research.  
  • Prediction – The figure helps statisticians to make future plans and predictions on the basis of past happenings or facts. While making predictions, internal or external factors are taken into account that may affect the coming future.  
  • Quality Testing – For every business, it is important to test the quality of the product and get the real sales and profit that we get from what we spend. 
  • Financial Market – Stock prices are calculated through statistics and investors to take decisions accordingly. It directs the investors to make decisions on investment in certain stocks and assists corporates to handle their finance to go for long-winded business.  
  • Business Statistics – Several statistics tools are used for business analysis such as bell curve, graphs, and probability. These are used to make a record of employees, staff or products, customer service, and more. According to these statistics only, the future goals of the company are decided. 
  • Predicting Disease – Statistics in the medical field help a number of people and the government to know how many are affected or infected by the particular disease. By knowing this they can arrange for required medicines, beds, and vaccines, etc.
  • Political Campaigns – It is inevitable for political campaigns, it helps politicians to predict where they can win the election in a particular area. It helps to make out how many people or candidates are standing in their support. 
  • Robotics – Various techniques are applied such as Kalman filters, particle filters, bayesian networks, etc, and much more. With the help of new sensors, the robots compare the actual and the estimated value.
  • Aerospace – It is the most important aspect on which aerospace engineering works. Airline industries use this to check how they can work together to make aerospace a better place with the help of statistics.

Conclusion

Statistics plays a major role in our day-to-day life and analyzes a large number of data and their properties. It is used in various disciplines such as social science, business, humanities, psychology, government, manufacturing, etc. Descriptive and Inferential statistics are two types of methods that are used for collecting and analyzing data. Statistics do not deal with qualitative data, it can only be used for quantitative characteristics. It is a tool that an analyst uses to summarize a data set. If that dataset includes a sample of a larger population then the analyst can make or develop interpretations about the population based on the statistical results from the sample. It is mostly used in the application of sociology in the field of demography that studies fertility, mortality, population, and so on. The role of mathematics in statistics has been increased and has led to the development of a new branch of statistics called mathematical statistics.

Posted on May 10, 2021 by NAH
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