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. There are many uses of statistics in our life. 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.
1) Everybody watches weather forecasting. Have you ever think how do you get that information? There are some computers models build on statistical concepts. These computer models compare prior weather with the current weather and predict future weather.
2) Statistics mostly used by the researcher. They use their statistical skills to collect the relevant data. Otherwise, it results in a loss of money, time and data.
3) What do you understand by insurance? Everybody has some kind of insurance, whether it is medical, home or any other insurance. Based on an individual application some businesses use statistical models to calculate the risk of giving insurance.
4) In financial market also statistic plays a great role. Statistics are the key of how traders and businessmen invest and make money.
5) Statistics play a big role in the medical field. Before any drugs prescribed, scientist must show a statistically valid rate of effectiveness. Statistics are behind all the study of medical.
6) Statistical concepts are used in quality testing. Companies make many products on a daily basis and every company should make sure that they sold the best quality items. But companies cannot test all the products, so they use statistics sample.
7) In everyday life we make many predictions. For examples, we keep the alarm for the morning when we don’t know that we will be alive in the morning or not. Here we use statistics basics to make predictions.
8) Doctors predict disease on based on statistics concepts. Suppose a survey shows that 75%-80% people have cancer and not able to find the reason. When the statistics become involved, then you can have a better idea of how the cancer may affect your body or is smoking is the major reason for it.
9) News reporter makes a prediction of winner for elections based on political campaigns. Here statistics play a strong part in who will be your governments.
10) Statistics data allow us to collect the information around the world. The internet is a devise which help us to collect the information. The fundamental behind the internet is based on statistics and mathematics concepts.