Importance of statistics

Importance of Statistics in Various Industry of the World

Importance of statistics can be understood by the phrase that “statistic is a crucial part of our life”. It is not an easy subject to understand and crack by the students. But statistics is quite helpful in our day to day life.

In the blog, I am going to have an overview of the importance of od statistics. Let’s dig into it and let’s come to know what is statistics and how it is beneficial.

Meaning of Statistics:

Statistics is one of the oldest subjects in human history. Majority of students think that it is a new discipline because it evolved after the evolution of maths. The reason is it is the part of maths. Ancient human used statistics a lot in their daily life.

That’s the existence of statistics far before then what we think. In the old era, statistics was considered as “Science Statecraft.” Now let’s have a look at how the word statistics come into existence.

It is derived from the Latin word ‘status’ or the Italian word ‘statistica’ or the German word ‘statistik’ or the French word ‘statistique.’ All these means a political state.

Definition of Statistics

Now let’s have a look at the definition of statistics. Statistics is all about the collection of data concerning states i.e., historical and descriptive. Now a day statistics has expanded, and it has a much broader meaning. It is now it is using all types of data and methods to analyze the data.

Importance of statistics in some different disciplines:

(i) Statistics in Planning

Statistics is one of the crucial parts of planning. Without statistics, the plan can’t be possible. Statistics helps to do planning in business, economics, and government level.

In the modern era, planning is everything. And almost every governmental organization, as well as a private one, are using statistics to formulate their policy and to do adequate plan.

As I mentioned earlier, statistics is all about collection of data. To do solid planning, companies use the data related to production, consumption, birth, death, income, and so on. Statistics is helping the countries to do adequate planning that is crucial for them.

(ii) Statistics in Mathematics:

Statistics is an essential part of mathematics. In other words, it is related as well as entirely depends upon mathematics. Probability is the foundation of the theory of probability.

But now a day it is turned into the most advanced mathematical theory of Integration and Measures. With the increasing use of mathematics and statistics is building new ways for the development of statistics i.e., known as Mathematical statistics.

Statistics is an essential branch of mathematics. Applied mathematics is a part of statistics that is specialized in data.

(iii) Statistics in Economics:

Whenever you are going to study statistics, you would also learn statistics. Statistics and Economics are interrelated with each other. It is impossible to separate them. The development of advanced statistics has open new ways to extensive use of statistics in Economics.

Almost every branch of Economics uses statistics i.e., consumption, production, distribution, public finance. All these Economic branches use statistics for comparison, presentation, interpretation, and so on.

Income spending problem on and various sections of the people. National wealth production, demand, and supply adjustment, the effect of economic policies. All these indicate the importance of statistics in the field of economics and its various branches.

(iv) Statistics in Social Sciences:

Statistics are also useful in statistics. You may know that social phenomena are affected to a marked and extent by a factor’s multiplicity. In social science, the variation in observations from time to time, object to object, and place to place.

Statistical tools of regression and correlation Analysis is used in social science to isolate the effect of these factors in every tested observation.

Statistics also use to conducting social surveys. social survey uses the Sampling techniques and estimation theory. Actually, these are the most powerful tools for conducting a social survey.

Sociology is a crucial part of social studies. Statistics is also playing a critical role in sociology. It helps in studying mortality, fertility, population growth, and so on.

(v) Statistics in Trade

Trade without statistics is pretty tough and can be overwhelming for traders. It helps the trades to make a wise decision in uncertain situations. We know that business is full of risk, and uncertainties anything can happen at any stage.

That’s why it is crucial to forecast every step in business. Our past record helps us to do forecasting efficiently and effectively. We take all the recent statistics into account to predict future situations for the company.

Remember that statistics just a number, we have to anticipate them with careful otherwise it can be a reason to failure of the business.
In term of business demand, supply and trend are the crucial aspects.

We can anticipate all these aspects with the help of statistics. It also helps in determining the prices of various products.

At last, statistics help in running the business smoothly. It also helps in reducing the uncertainty; thus, it helps in the success of the business.

(vi) Statistics in Research Work

Research work is all about statistics. Research worker job is to present the data before the community. The research worker uses statistical methods to solve particular problems under differing conditions.

Statistics is the basics of every research activity. In other words, research can’t be possible without statistics. In fact, the researcher should have excellent statistics skills to be a good researcher. It helps to keep the interest of the researcher in the research work.

Conclusion

Now we have gone through the importance of statistics in various field of our life. Statistics is playing a crucial role in making our lives better. It might be clear now the importance of statistics.

Majority of students who think that why they are studying statistics? Might get the solid answer with this blog post. At last, I would also like to say that statistics is not an easy subject to crack.

The students need the determination and concentration to crack the statistics assignment. But if they find some difficulty then they can take the help of statistics experts for statistics assignment help.

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