Important Roles of Statistics in Daily Life

importance of statistics in business

A lot of things you see in daily life are a result of data analysis. Statistical methods are crucial for all the big and significant decisions made by an organisation or a government. The process of statistical data analysis starts by collecting data.

Statistics help us encapsulate a large chunk of information and makes it easier for the expert to analyse the situation. It also makes it easier for people to understand the situation. We live in a world full of information, and statistics help us understand this information. It breaks down the information to a level that it is comprehended by a larger group.

Data is the factual unit of any information. For example, if out of 56,719 people living in a district, 38,028 are under 25. All the numbers in the previous statement are data. Our daily lives are very well dependant on the statistics. It is also very interesting to see how one set of data can be used to get multiple analysis.

Here are a few situations that highlight the importance of statistics in our daily lives.

1. The importance of statistics in education is not just limited to the coursebook lessons. We all know about the infamous cut off list system in India. The whole process happens after the CBSE 12th board data from all over the country is analysed to arrive at a specific number for the cut off list. The same happens with many competitive exams.

2. A rapidly growing job opportunity in India is of research analysts, a profile that is heavily dependent on statistics. The importance of statistics in research is that every step of the process involves statistics. From collecting data to arriving at the result, everything is statistics.

3. The medical field is a vital part of any country's growth. Statistics, along with qualified professionals and, infrastructure plays an important role in the medical sphere. The success of each new medicine, vaccine, treatment is subjected to its performance on the sample group. The numbers and learnings are fed to a system, and through the method of machine learning, experts reach stats with observations and suggestions.

4. Many big and small businesses devise strategies basis on statistical learnings. Many businesses run on the concept of providing data and statistical learnings to other businesses. There are a number of people who study statistics in-depth and make a career out of it. The growth and volume of these companies highlight the importance of statistics in business.

5. The importance of statistics in our daily lives can be measured through the number of people whose livelihood depends on it. Big ventures like the stock market run on the idea of statistical calculations. People invest big money in stocks owing to these statistical assumptions.

To sum up, the students might not understand the role of statistics, but it holds great importance in the future. All of your adult you will come across numerous situations where you will understand the importance of statistics . The subject might even sound a little boring to a few, but it can be made interesting with real-life examples and out of the book learning.

Further, statistical data is often represented in an infographic form which has proven to be easily grasped by the human mind. The world is full of information and it is undeniably hard to understand it in its raw form. The statistical system makes this information more accessible, understandable and useful.

So if you aspire to become a statistician, you must know that there are a lot of opportunities waiting for you out there in many different fields and industries of your choice.