Importance of Statistics and Its Role in Different Fields

What is statistics and why is it important?

importance of statistics

Statistics is one of the most scientific disciplines today that is concerned with analyzing and summarizing collected data into the numerical form. It is an intricate process involving a lot of calculations and computations and works on two fundamental ideas- uncertainty and variation. It helps us keep informed about what is happening in the world around us. Researches conducted in statistics are applicable in virtually all scientific fields. Therefore, it is important to understand statistics not only from an application point of view but an interpretation point of view as well.

Statistics helps in determining the existing position of per capita income, unemployment, population growth rates, housing, education, and healthcare in a country. It has a significance in almost every field of human activity, including, industry, commerce, trade, physics, chemistry, economics, mathematics, biology, botany, psychology, astronomy, and many more. With this, let’s discuss the role of statistics in various disciplines:

1) Mathematics

Statistics is a branch of applied mathematics and is mainly dependent upon it. The modern theory of statistics supports probability which in turn is a mathematical language used to discuss uncertain events. Apart from this, different techniques of pure mathematics, such as differentiation, integration, and algebra are used in statistics.

2) Economics

Statistics has a significant part to play in the field of economics. Statistical methods are used to study the relationship between supply and demand and to collect and analyze the data in economics. To deal with various economic problems, such as import and export, inflation rate, and per capita income, one must have a sound knowledge of statistics.

3) Business

In business, statistics play an important role and helps a businessman to plan his production as per the requirements and preferences of the customers. It is also helpful in determining the quality of goods and services. Through statistics, he can make apt decisions regarding the location of the business, marketing of the products, finances, resources, and many other things.

4) Banking

In the banking system, statistics is used for various purposes. The bankers use statistical methods based on probability to estimate the numbers of depositors and their claims for a particular day. Banks lend their deposits to others on interest and earn profit out of these.

5) Social Science

Statistics plays an essential role in almost all natural and social sciences. Statistical methods are applied for analyzing experiment results and testing their importance in chemistry, biology, physics, mathematics, research, meteorology, sociology, business, chambers of commerce, public administration, communications, information technology, and many others.

6) Astronomy

Statistics deals with the measurement of distance, and sizes, masses and densities of heavenly bodies using observation. While taking these measurements, it is not possible to avoid errors. So, statistical methods are used to find the most probable measurements.

7) Administration

Statistics is crucial for the administration of the state as various government policies are based on it. Today, statistical data is used to make almost all administrative decisions. Statistical methods help in the preparation of federal and provincial government budgets by providing an estimate of the expected expenditures and revenue from different sources.

The importance of statistics in different fields shows that human behavior and statistical methods are intimately connected, and it can explain almost all human activities. However, one shouldn’t entirely rely on statistical data as it can be inaccurate sometimes. Proper statistical evidence should be provided to support a stated conclusion.

Statistics is not an easy subject to deal with and pursuing a major in this field can be challenging for many scholars. Besides comprehending the tough theory, writing assignments on various topics of this subject can be a daunting task as well.

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