Importance Of Statistics
There is huge importance of statistics in daily life. Everyday we come across a variety of data-based evaluations and claims. Various promotions, advertising, propaganda and several new researches keep coming up everyday. Advertisers and promoters often make use of ambiguous statistics and data to support their propaganda and create a deep and long-lasting impact on our minds. Most people take these claims on face-value and often get influenced by the depicted statistics. It is only through the knowledge of statistics and exploratory data analysis that we can evaluate the truth value of these claims and save ourselves from such manipulative and deceiving tricks. Statistical tools help us in making sense of all the data and data-related information that we come across. These statistics and tools of exploratory data analysis can only be acquired through the systematic study of collection, presentation and interpretation of data is called statistics. The aim of this blog post to highlight the importance of studying statistics.
Statistics plays an important role in every field of human activity. Importance of statistics is far-reaching and encompasses almost every possible domain. Uses and importance of statistics can be seen in fields as diverse 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.
Let us look at the detailed uses and importance of statistics in different fields of our lives. Importance of statistical analysis can be highlighted through wide range of phenomenon, including but not limited to determining the per capita income, unemployment, population growth rate, housing, medical facilities, schooling in a country.
Here are some examples highlighting the importance of statistics in different fields.
(1)Business: Statistics plays an important role in business. It helps a businessman to plan his production according to the taste and preference of the customer. It also helps to determine the quality of the product. A businessman can make correct decision regarding the location of business, marketing of the products, finance, resources, etc…through statistics.
(2)Economics: Statistics play an important role in economics. Economics largely depends upon statistics. . In economics statistical methods are used for collecting and analysis the data. The relationship between supply and demands is also studied by statistical method. The imports and exports, the inflation rate, the per capita income are the problems which require good knowledge of statistics.
(3)Mathematics: Statistics is branch of applied mathematics. The large number of statistical methods like probability averages, dispersions, estimation etc… is used in mathematics and different techniques of pure mathematics like integration, differentiation and algebra are used in statistics. Thus statistics and mathematics are interrelated with each other.
(4)Banking: Statistics play an important role in banking. The banks make use of statistics for a number of purposes. The bankers use statistical approaches to estimate the numbers of depositors and their claims for a certain day.
One cannot completely rely on statistical data as it may not be accurate. Proper research and development program should also be exercised while analyzing statistical data.
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