The importance of statistics can be understood by the phrase that “statistics 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. Statistics are used by the primary students to the MNC’s professionals in their daily life. But some of the students are still looking for the best answer to why statistics is important?
Nowadays, statistics is playing a crucial role in developing the world. Statistics are everywhere we can’t hide from statistics. The apps we use in our mobile devices are based on statistics. Psychology says the more you get good command over statistics, the more you get, the higher chances of success. Therefore you need to know the importance of statistics before starting to learn statistics. Let’s have a look at the importance of statistics in our daily life. But before we start, have a look at the meaning and definition of statistics.
Meaning of Statistics:
Statistics is one of the oldest subjects in human history. The majority of students think that it is a new discipline because it evolved after the evolution of math. The reason is it is part of math. Ancient humans 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 mean 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. Nowadays, 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.
Why Statistics is Important?
(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 planning.
As I mentioned earlier, statistics is all about the 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—the best examples of planning we see on COVID 19 pandemic. We have seen that the Government of Newzealand has created the plan to fight against COVID 19, and they have successfully handled the situation to get rid of COVID 19. This pandemic show the importance of statistics in our daily life.
(ii) Statistics in Mathematics
Statistics is an essential part of mathematics. In other words, it is related as well as entirely depends upon mathematics. But nowadays, it is turned into the most advanced mathematical theory of Integration and Measures. 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.
Statistics is an essential branch of mathematics. Applied mathematics is a part of statistics that is specialized in data. Computational mathematics is based on advanced statistics. Therefore it is crucial for the programmers to learn statistics along with math. Apart from that, statistics is also crucial for business mathematics. There are lots of statistics concepts that are applicable in business and accountancy.
(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 problems 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. Basically, the government uses statistics in economics to calculate its GDP and Per capita Income.
(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 are used in social science to isolate the effect of these factors in every tested observation. Statistics are also used to conduct social surveys. The 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 wise decisions in uncertain situations. We know that business is full of risks and uncertainties; anything can happen at any stage.
That’s why it is crucial to forecast every step in business. Our 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 are just a number, we have to anticipate them carefully; otherwise, it can be a reason for the failure of the business.
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 company.
(vi) Statistics in Research Work
Research work is all about statistics. The research worker’s job is to present the data before the community. The research worker uses statistical methods to solve particular problems under differing conditions.
Statistics are the basics of every research activity. In other words, research can’t be possible without statistics. 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.
(Vii) Statistics in Programming
You may not be aware that statistics is playing a crucial role in programming. Nowadays, most of the advanced programming is based on statistics. Most of the Python developers are learning statistics to enhance their career in programming. And did you know that? Statistics is the foundation of artificial intelligence and machine learning. You can’t get good command over these technologies without the help of statistics.
It also helps you to improve your programming logic. If you do a daily practice of statistics, then you will enhance your programming logic. Statistics is widely used in some of the most popular programming languages i.e., Java, Python, Swift, C, and C++.
(VII) Statistics in Big Data and Data Science
As we know that statistics are widely used in data analytics and data science technologies. But it is the foundation of Big data technologies too. Big data is nothing without the data, and data is useless without statistics.
Thus Big Data technology totally depends on statistics. We use the statistics at the initial stage of Big data on the raw data sorting. Then we use it in other stages when we use Python programming in Big Data. We use Python in statistics to perform all primary functions of this technology
(IX) Statistics in the Health Industry
Statistics is playing its part in the health industry. It helps the doctor to take and manage the data of their patients. Apart from that WHO is also using statistics to generate their annual report on the heath populations of the world. Due to statistics, the medical scientist has invented lots of vaccines and anti tode to fight against major diseases.
We have seen that in this COVID 19 Pandemic, the statistics are playing a crucial role in analyzing how much patience is all around the world, which region has the most number of cases and much more. All this happening is all because of statistics.
(X)Statistics in Business or Business Statistics
Business is dependent on statistics. Almost every business uses statistics to perform its day to day operations. But here in this blog, we are talking about the importance of statistics. Statistics are crucial for the business to make future decisions. They collect the data and process their customer’s data with the help of statistics. And then take the decision from that data to make changes in their strategies and policies.
Apart from that, the R & D department of any business relies on statistics. They used the recent statistics to develop the new product and services for business. It helps them to make a decision about the latest product and services. And the company can take the calculative risk on the launch of the product or services.
Besides, businesses also use it to calculate their profit, their employee salary, and so on. COVID 19 Pandemic also increases the use of statistics in business. Now the company is working to minimize its loss in this Pandemic duration.
Each large organization uses business statistics and utilize various data analysis tools. For instance, approximating the probability and see where sales can be headed in the future. Several tools are used for business statistics, which built on the bases of mean, median, and mode, the bell curve, and bar graphs, and basic probability. These can be employed for research problems related to employees, products, customer service, and much more. Business can successfully rely on the things what is working and what is not.
Besides this, statistics are widely used in consumer goods products. The reason is consumer goods are daily used products. The business use statistics to calculate which consumer goods are available in the store or not.
They also used stats to find out which store needs the consumer goods and when to ship the products. Even proper statistics decisions are helping the business to make massive revenue on consumer goods.
The importance of statistics in government is utilized by making judgments about health, populations, education, and much more. It may help the government to check out what education schedule can be beneficial for students. What is the progress report of high school students using that particular curriculum? The government can assemble specific data about the population of the country using a census.
The beneficial importance of statistics in education are that teachers can be considered to be supportive as researchers during their classrooms to recognize what education technique works on which pupils and know the reason why. They also need to estimate test details to determine whether students are working expectedly, statistically, or not. There are statistical studies about student achievement at all levels of testing and education, from kindergarten to a GRE or SAT.
Now we have gone through the importance of statistics in our daily life. Statistics is playing a crucial role in making our lives better. It might be clear now the why statistics is important.
The majority of students think that why statistics is important? I might get a 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 homework. But if they find some difficulty, then they can take the help of statistics experts for statistics homework help from the best statistics homework helper.