The Importance of Statistics

Everyone might have heard the term “Statistics” at some point in your life. But do you know the essence and significance of Statistics in our lives? Statistics is basically a branch of mathematics that deals with the collection, analysis, and interpretation of data.

importance of statistics

Statistics plays a very pivotal role in our day-to-day lives. It is what helps us in predicting what might happen in the future and also to understand what has happened in the past. Today statistics is used in a wide range of areas. The population growth, the rate of unemployment, climate, etc., are determined with the help of this branch of science. In the current scenario, people have to be well-informed about the likelihood of various achievements, changes in the environment and other predicaments in advance. This information can be retrieved only after the necessary statistical studies.

Application of Statistics in Various Fields:

  • Weather Forecast – The likelihood of rain, snowfall, etc. are predicted with the help of weather models. These models are built on the basis of statistics which help to compare the past and current weather conditions and hence to predict the future weather. Statistics also help in predicting the time of occurrence of catastrophes like hurricanes and flood and thus helps to prepare the people in advance to take the necessary precautions.
  • Medical field – Statistics is the basic foundation of medical science. The effectiveness of a medicine on a patient is determined using these studies. The impact of a disease on the health of a person also requires necessary statistics to be analyzed accurately.
  • Genetics – Nowadays, the probability of a disease in a child is diagnosed way before his birth. This would not have been possible if not for the statistical studies.
  • Business – The role of statistics in the field of business is inevitable. The profit of an organization depends on the quality and quantity of the products supplied to the clients. It is also essential to be aware of the current requirements of the consumers before launching a product in the market. A well-maintained statistical approach is the only way to achieve these targets. It is, hence, clear that a business cannot sustain without statistics.
  • Education – The necessary teaching aids or practices required to be adopted to help the students understand their subjects better, the progress of each and every student in a class, all require the help of statistics. The effectiveness of all the academic sessions can also be determined easily with this process.
  • Government – The data on the current population growth, unemployment, health, etc., are all collected and analyzed using statistics.
  • Media – The probability theories put forward by the media are based on Statistics. The possibility of a political leader to win the elections or the information on which team might win in a sport and so on are included in this study.
  • Stock Market – Similar to the weather models, statistical computer models are used to collect and interpret the current situation of our economy.
  • Astronomy – The exact measurements and masses of heavenly bodies cannot be determined without any error. Hence, to receive a comparatively better result, astronomers make use of the statistical science.
  • Government – The expected revenue and expenditure from the various sources are estimated by the administrative authorities using statistics. It is with the help of these studies that the government decides on raising the pay scale of employees and implementing new strategies. Almost all the administrative decisions and government policies are based on this science.
  • Psychology – The widely seen human behaviors in our society are also analyzed with the help of statistics. It helps the psychologists to deal with their patients in an effective way.

The aforementioned applications do not cover the entire areas in which the statistics are applied. This branch of mathematics is used in almost all the human activities. Wherever a collection of data and interpretation are required, statistics are made use of. Almost all the fields we work rely on the science of statistics. It is not possible to predict anything with precision. Hence, statistics provide the most reliable method to base a prediction on.

This, in fact, can be seen as the keystone of all the advancements happening in the world. All the analyses today are done on the basis of the most authentic source which is known as the statistics. The areas of application of this branch of science are increasing day-by-day. The science of statistics is likely to show more progress in the generations yet to come and hence its significance in our lives cannot be ignored.

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