The importance of statistics can be understood from the phrase that “statistics is an important part of our life.” It is not a simple topic to learn and crack by the students. But statistics are beneficial in our daily life. Elementary students use statistics in their daily lives for professionals from MNCs. Primary students in their daily lives use statistics for professionals from MNCs. But some students are still looking for the best answer to why statistics are essential?
Nowadays, statistics is playing an essential role in the development of the world. Statistics are everywhere that we cannot hide from statistics. There are multiple uses of statistics in our life. The apps we use on our mobile devices are based on statistics. Psychology says that the better you have a grip on statistics, the higher your chances of success. So you need to know the importance of statistics before you start learning statistics. Let us have a look at the importance of statistics in our daily life. But before we begin, let’s take a look at the meaning and definition of statistics.
Meaning of Statistics
It is one of the oldest subjects in human history. Most of the students think this is a new subject as it has developed after the development of mathematics. The reason is that it is part of mathematics. Ancient humans used statistics a lot in their everyday lives. This is the existence of statistics much earlier than we think. In the olden days, statistics was regarded as a “science statecraft.” Now let us see how the term statistics comes into existence. It is derived from the latest word ‘status’ or the Italian word ‘statistics’ or the german word ‘statistic’ or the french word ‘statistic.’ All these mean a political state.
Definition of statistics
Let us now see the definition of statistics. Statistics is all about collecting data relating to the states,i.e., historical and descriptive.
Nowadays, statistics has expanded and has a broader meaning. Now it is using all kinds of data and methods to analyze the data.
Why are statistics important?
(i) statistics in planning
It is one of the critical parts of planning. Without data, planning cannot be possible. Statistics helps in planning in business, economics, government level, and even in an individual. It is observed that 63% of people plan their activity a year or less in advance.
Planning is everything in the modern age. And almost every government organization, and a private organization, uses data to formulate its policy and do adequate planning. As I mentioned earlier, statistics is about the collection of data. For making concrete plans, companies use data related to production, consumption, birth, death, income, etc. The data helps countries adequately plan what is vital to them-the best example of planning we see on the COVID 19 pandemic. We have seen that the New Zealand Government has planned to fight against COVID 19, and they have successfully managed the situation to obtain rid of COVID 19. This pandemic teaches the importance of statistics in our daily lives.
(ii) statistics in mathematics
Statistics is an essential part of mathematics. In other words, statistics depends entirely on the math being related as well. Suppose you want to determine which is the favorite fruit of the people of your city? Below is the statistical information that you get by using the mean of the mathematical data. The increasing use of mathematics and statistics leads to new ways of developing statistics, known as mathematical statistics. It is a crucial branch of mathematics. Applied mathematics is a role of statistics that is specialized in data. So programmers need to learn statistics along with maths. In addition, statistics are also crucial for business mathematics. Many statistics concepts are applied in business and accountancy.
(iii) statistics in economics
Whenever you study statistics, you will also learn statistics. Statistics and economics are related to each other. It is impossible to separate them. The development of advanced statistics has opened new avenues for the widespread usage of statistics for economics. Every branch of economics uses statistics, i.e., production, consumption, public finance, distribution.
All these economic branches use data for comparison, interpretation, presentation, etc. Problems of income expenditure on different sections of the people. National wealth production, and supply adjustment, demand, the impact of economic policies. All these intimate the importance of statistics in the area of economics and its different branches. The government uses statistics in economics to calculate its GDP and per capita income. For example, the graph below shows the GDP of services during the worst-ever movement.
(iv) statistics are social science
Statistics are also helpful in social science. You are probably aware that an assortment of factors primarily influences social events. In the social sciences, observations vary from time to time, from object to object, and from place to place.The statistical tools of regression and correlation analysis are used in the social sciences to isolate the effect of these factors in each tested observation.Statistics are also used to manage social surveys.
The social survey uses sampling techniques and estimation theory.Indeed, these are the most powerful tools for conducting social surveys. Sociology is an essential part of social studies. Statistics is also playing an essential role in sociology. It helps in studying fertility, mortality, population growth, etc.
(v) statistics in trade
Trading without statistics is tough and can be overwhelming for traders. It helps traders to make wise decisions in uncertain situations. We know that business is fraught with risks and uncertainties; anything can happen at any level. The below graph defines international capital trade towards selected countries. Thus statistics help in determining the businesses of the specific country.
Hence it is essential to predict every move in trading. Our record helps us to forecast efficiently and effectively. We take into account all recent data to predict future conditions for the company. Remember that figures are just numbers; we have to estimate them carefully; otherwise, it may be a reason for the loser of the business.
We can estimate all these aspects with the help of statistics. It also helps in setting the prices of various products. Lastly, statistics help the business run smoothly. It also helps to reduce uncertainty; thus, it helps in the success of the company.
(vi) statistics in research work
Research work is all about statistics. The job of the research worker is to present the data to the community. The research worker uses statistical techniques to solve particular problems in different situations. Statistics are the basics of each research activity. In other words, research cannot be possible without statistics. The chart below is about animals used in research in the pain/anesthesia category.
To become a good researcher, the researcher must have excellent statistical skills. This research work or data helps to maintain the interest of the researcher in the research work.
(vii) statistics in programming
You might not be aware that statistics is playing an important role in programming.Nowadays, most advanced programming is based on statistics. Most Python developers are learning statistics to enhance their career in python programming. And did you know that? Statistics is the basis of artificial intelligence and machine learning. Without the help of statistics, you cannot have a good grasp of these techniques. It also assists you in increasing your programming logic. Provides transitional statistics for the user programming task: switching from the data editor to the command window.
If you practice statistics daily, you will enhance your programming logic. Statistics are widely used in some of the most popular programming languages, i.e., Java, Python, swift, c, and c++.
(viii) statistics in big data and data science
As we know that statistics are used in data analysis and data science technologies. But it is also the foundation of big data technologies. Big data is nothing without data, and data without data is useless. Thus big data technology ultimately depends on statistics.
We use statistics in the initial phase of big data raw data sorting.
Then we use it in other steps when we practice python programming in big data.We do python in statistics to make all the elementary functions of this technique.
(ix) statistics in the health industry
Statistics is playing its role in the health industry. It helps the doctor to capture and manage the data of his patients.In addition, who is using the data to prepare its annual report about the health of the world’s population. Medical science has invented many vaccines and anti toads to fight against major diseases based on the statistics. We have noticed that in this COVID 19 pandemic, statistics are playing a vital role in analyzing how much patience is there across the world, which region has the highest number of cases, and much more.
(This chart has updated on 1 March 2021 of Corona patients)
Once the covid-19 vaccine was produced, the government decided to vaccinate the people of its country. Below is the statistical data that defines the number of people vaccinated in a particular country (as of 1 march).
Because of the statistical data, the government quickly checks the number of people vaccinated in their country. All this is happening because of statistics.
(x) statistics in business statistics
Business is dependent on data. Almost every company does business statistics to perform its day-to-day operations.But here, in this article, we are teaching the importance of statistics. Statistics are used to show the number of small business owners.Statistics are essential for businesses to make future decisions. They collect data and process their customer’s data with the help of statistics.And then decide from that data to make changes to your strategies and policies.Also, the R&D department of any business depends on the data. They use recent data to develop new products and services for the business.It helps them to make decisions about the latest product or services.And the company may take the calculative risk on the launch of the product or services.
In addition, businesses also use it to calculate their profits, their employee salaries, etc.The COVID 19 pandemic also increases the use of data in business.Now the company is working to reduce its losses during this pandemic period.Every large organization uses business statistics and uses different data analysis tools.For example, we are estimating the probability and seeing where the sale might occur in the future.
Many tools are used for business statistics, which are based on mean, median, mode, bell curve, bar graph, and original probability. These can be employed to research problems related to employees, customer service, products, and more. Businesses can successfully rely on what is working and what is not. In addition, consumer goods products use statistics, and This is because consumer goods are products of daily use.The business uses statistics to calculate what consumer goods are or are not available in the store. so, They also used the statistics to figure out which stores need consumer goods and ship the products.Even proper statistics decisions are assisting the business to earn massive revenue on consumer goods.
Government uses The importance of statistics in decision-making regarding health, population, education, and much more. It can help the government to check which education program can be beneficial for the students.
The US government uses the figures below to check the employment ratios of their states.
What is the process report of high school students doing that particular course? The government can collect specific data about the country’s population by using the census.
The practical importance of statistics in education is that teachers can be helpful as researchers during their classes to identify which learning techniques work on which students and what causes it. so, They are also required to estimate test details to determine whether students are doing as expected statistically. There are tests and statistical studies about student achievement at all levels of education, from kindergarten to the GRE or SAT.
Now we have understood the importance of statistics in our daily life. Statistics are playing an essential role in improving our lives. Now it may be clear why statistics are crucial. Most of the students think that why is statistics important? I can get a solid answer with this blog post, and I would also like to say that cracking statistics is not an easy subject. Students need determination and concentration to crack statistics homework. if you need statistics assignment help from our experts, then contact us.