Application of Statistics

Top 10 Most Important Application of Statistics in Daily Life

In this blog, you will know about the important application of statistics. We know that statistics is a very important subject and also it is a hard one. The majority of students think that why they are studying statistics and what are its applications in our daily life. So don’t worry, in this article, we will cover the most important application of statistics.

What is Statistics?

Statistics is a branch of mathematics that deals with data collection, structure, interpretation, and presentation. It is one of the most important and robust branches of mathematics. In other words, we can say that it’s all about applying various methods to the raw data in order to make it more understandable. Statistical models apply statistics to issues in industry, society, and science. It includes data analysis, collection, and interpretation.

Application of Statistics

There are so many application of statistics, and from those the top most one’s are the following:

Statistics and graphs are the easiest part of the Statistics curriculum for which students do not usually require Statistics homework help. Yet not many of us might be knowing that these concepts have practical applications as well. Therefore, we are going to discuss these practical applications of statistics. Statistics finds its application in: 

Predictions

The figures derived from the statistics help us to make predictions about any event that is going to happen in the future. These figures may not be 100% accurate but since these are formulated after taking into consideration certain past facts and figures, they cannot be declared even inaccurate. 

There are certain factors that influence this accuracy, and these factors are the ones which determine the calculation and prediction of the event to be considered. 

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For example: if someone has to predict about future outbreak of a disease and how the disease can become pandemic, statistics and graphs about the earlier outbreaks are considered.

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Weather forecasting

This is another important application of statistics. Although weather is said to be an immediate phenomenon happening on its own, it depends on certain factors. 

These factors change from region to region and have a scientific basis. Using the factors that determine the weather like the rate of evaporation, humidity, etcStatistics are drawn and then the weather forecasts are done for different regions.

Political campaigns

Strange as it may sound, but the political domain too uses the statistics to find out their chances of winning in a particular area. Factors that are considered in making these statistics can be the type of voters in a region, that is, is there a majority of young voters, middle-aged or old ones. 

The politicians make their preparations according to the data. They may also refer to previous statistics to get to know the demands of the people of the region and then address those demands in their agenda. 

Quality testing

This is another important application of statistics that finds use in our everyday life. When we buy a product, we think that whatever we spend on it should be the best. Therefore, we conduct a quality test for the same. If the products satisfy the criteria for the test and qualify the quality test, then we spend and buy the product. 

Predicting disease

Statistics are made from the data collected from the hospitals. Then reports are made as to how many people are infected from the disease- how many have mild symptoms, how many have serious symptoms and how many have died due to the disease. 

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Data is also made available with respect to the medicines being administered and how effective these medicines are. Using the data made available, the origin of the disease can be traced and future precautions can be taken to prevent any such outbreak. 

The most relevant example of this can be the data made available regarding the spread of the coronavirus.

Emergency preparedness

A very important application field of statistics, emergency preparedness is important to deal with any situation that needs immediate attention. 

With the use of statistics, we can determine whether any natural disaster may occur in the future. Disaster Response Team make use of this data to be ready to tackle the situation and rescue people. Such use may help lessen casualties and state governments can also sue them to evacuate areas which may face such a disaster.

Sports

It may not seem usual, but sportspersons use statistics to get an idea about their various sports performances so that they could improve upon them next time. This technique has gained popularity nowadays since sports is developing at a fast pace and immense practice is required to compete at international level.

Insurance

This is a very obvious field of application of statistics and its data. Insurance companies have to decide the claim amount as well as the premium amount. 

For this they collect data from various stakeholders like the owners of the particular property, vehicle registration office, drivers and the like. In case of health insurance too data is collected from the hospitals and from the family of the patients. 

This data is further used to make the statistics and determine the premium amount to be given to the person claiming.

Financial market

This is one thing that we all might have witnessed around us, the investment in the stock market, too, is done seeing the statistics that are used to calculate the prices of the stock. The statistics may sometimes help figure out when and where one can invest in order to gain profit. 

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Consumer goods

Another very obvious field of use of statistics is the area of business, especially the business that deals with the consumer goods products. 

These businesses use statistics to store data of the availability of the products, as well as to determine what kind of products have to be delivered and where. 

The businesses also use this data to expand themselves keeping in mind the demand of the consumers and its continuous change with respect to the changing environment. 

For example, the new generations might be interested in modern technology and the older ones in spirituality. Businesses design their product using these statistics, in order to attract the customers. 

Graphs to find their applications in the practical world:

  • They can be used in computer science to show the flow of computation.
  • Social graphs establish a connection between two or more people or places. Just as it happens on Facebook. 
  • Graphs can be used to monitor the trends in different fields.
  • They also find their applications in other sciences like Physics where they can be used to show relation between two factors.

Thus graphs and statistics have a wide field of application and the students can refer to the above mentioned points for statistics homework help or Statistics assignment help.

Conclusion

Here in this blog, we learned about the important application of statistics. Stat is a very vast subject and difficult one also. If you are facing any problem regarding your statistics assignment. We will help you clear your doubts regarding statistics. Or if you are looking for statistics homework help, then feel free to contact us or comment below. And we help you to make the best statistics assignment.