On a day-to-day basis, we conduct quality… 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. And then take the decision from that data to make changes in their strategies and policies. Apart from that WHO is also using statistics to generate their annual report on the heath populations of the world. The business use statistics to calculate which consumer goods are available in the store or not. This week I will ask each one of you to report on an interesting statistic about the pandemic. Applied mathematics is a part of statistics that is specialized in data. COVID 19 Pandemic also increases the use of statistics in business. The Importance of Statistics. Our record helps us to do forecasting efficiently and effectively. P.O. National wealth production, demand, and supply adjustment, the effect of economic policies. Statistics plays an important role in banking. There are many uses of statistics in our life. They use their statistical skills to collect … And the company can take the calculative risk on the launch of the product or services. Without statistics, the plan can’t be possible. They used the recent statistics to develop the new product and services for business. That’s the existence of statistics far before then what we think. Statistics are also useful in statistics. We use the statistics at the initial stage of Big data on the raw data sorting. In almost every endeavor of human activity, the scientific method has proven effective for solving problems and improving performance. I might get a solid answer with this blog post. It also helps in determining the prices of various products. By Jim Frost 36 Comments. Almost every branch of Economics uses statistics, i.e., consumption, production, distribution, public finance. We know that business is full of risks and uncertainties; anything can happen at any stage. 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. Statistics is one of the oldest subjects in human history. Now we have gone through the importance of statistics in our daily life. Statistics is the foundation of artificial intelligence and machine learning. It also helps in reducing the uncertainty; thus, it helps in the success of the company. As you can see, statisticians and statistical methods play an important role in scientific studies to seek knowledge and to improve our lives. The research worker uses statistical methods to solve particular problems under differing conditions. Other statisticians establish theoretical results designed to assist the development of statistical methods or to assess their effectiveness. 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. Ancient humans used statistics a lot in their daily life. In the old era, statistics was considered as “Science Statecraft.” Now let’s have a look at how the word statistics come into existence. But here in this blog, we are talking about the importance of statistics. You can’t get good command over these technologies without the help of statistics. Statistics is one of the crucial parts of planning. They explore differences in viewpoints and in opportunities for persons with varying cultural, racial and economic backgrounds. The increasing use of mathematics and statistics is building new ways for the development of statistics, i.e., known as Mathematical statistics. It helps in studying mortality, fertility, population growth, and so on. The majority of students think that it is a new discipline because it evolved after the evolution of math. Statistics are the basics of every research activity. to forecast demand for goods and services or to determine the most efficient method of operation. In industry, statisticians design and analyze experiments to improve the safety, reliability and performance of products of all types, ranging from ballpoint pens to home appliances to automobiles. Therefore you need to know the importance of statistics before starting to learn statistics. The apps we use in our mobile devices are based on statistics. Even proper statistics decisions are helping the business to make massive revenue on consumer goods. Statistics is an essential branch of mathematics. It helps the trades to make wise decisions in uncertain situations. In the modern era, planning is everything. There are statistical studies about student achievement at all levels of testing and education, from kindergarten to a GRE or SAT. They also work with conservationists to ensure the safety and propagation of wildlife. Statistics and Economics are interrelated with each other. Apart from that, the R & D department of any business relies on statistics. Trade without statistics is pretty tough and can be overwhelming for traders. Applied mathematics is a part of statistics that is specialized in data. Statistics is playing a crucial role in making our lives better. Now let’s have a look at the definition of statistics. The development of advanced statistics has open new ways to extensive use of statistics for Economics. Statistical knowledge helps you use the proper methods to collect the data, employ the correct analyses, and effectively present the results. You may know that social phenomena are affected to a marked and extent by a factor’s multiplicity. But nowadays, it is turned into the most advanced mathematical theory of Integration and Measures. Top 12 Points Showcasing The Importance of Statistics in Our Daily Life. Big data is nothing without the data, and data is useless without statistics. Statisticians employed in these activities develop new ways to collect and analyze data for the many types of data and experimental settings encountered in practical studies. For a mathematically talented person, the study of statistics offers a wide variety of professional opportunities which have an impact on the solution of important problems. Statistics helps to do planning in business, economics, and government level. 10 Awesome Reasons Why Statistics Are Important. Statistical tools of regression and correlation analysis are used in social science to isolate the effect of these factors in every tested observation. To do solid planning, companies use the data related to production, consumption, birth, death, income, and so on. Statistics is a crucial process behind how we make discoveries in science, make decisions based on data, and make predictions. Banking. Therefore it is crucial for the programmers to learn statistics along with math. 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. Basically, the government uses statistics in economics to calculate its GDP and Per capita Income. University of Florida It helps them to make a decision about the latest product and services. Nowadays, statistics has expanded, and it has a much broader meaning. We can anticipate all these aspects with the help of statistics. In education, statisticians are involved with the assessment of educational aptitude and achievement and with experiments designed to measure the effectiveness of curricular innovations. They also investigate the efficiency of health delivery systems and practices. The social survey uses the Sampling techniques and estimation theory. For instance, approximating the probability and see where sales can be headed in the future. Besides this, statistics are widely used in consumer goods products. Why Statistics is Important? First, they plan the studies to ensure that the data are collected efficiently and answer the questions relevant to the investigation. For a mathematically talented person, the study of statistics offers a wide variety of professional opportunities which have an impact on the solution of important problems. (VII) Statistics in Big Data and Data Science, Top 10 Best Statistics Books to Get Started With Statistics, Top 5 Tips on How to Learn Statistics More Effectively, Human Resource Management Assignment Help. What is the progress report of high school students using that particular curriculum? Sociology is a crucial part of social studies. It might be clear now the why statistics is important. In social science, the variation in observations from time to time, object to object, and place to place.