Statistics help in providing data as well as tools to analyze the data. Some powerful techniques are index numbers, time series analysis, and also forecasting. These are immensely useful in the analysis of data in economic planning. Further, statistical techniques help in framing planning models too.
Statistics Role In Real Life1) Medical Study. Statistics are used behind all the medical study. ... 2) Weather Forecasts.3) Quality Testing. A company makes thousands of products every day and make sure that they sold the best quality items. ... 4) Stock Market. ... 5) Consumer Goods. ... Conclusion.
It is used to monitor and improve the quality of products and processes within a business organization. Statistical analysis is essential for the development of social science theories, being used to test their validity through a robust analysis of real-world data.
Statistical knowledge helps you use the proper methods to collect the data, employ the correct analyses, and effectively present the results. Statistics is a crucial process behind how we make discoveries in science, make decisions based on data, and make predictions.
Perhaps the most common real life example of using probability is weather forecasting. Probability is used by weather forecasters to assess how likely it is that there will be rain, snow, clouds, etc. on a given day in a certain area.Nov 4, 2021
Statistics is a part of Applied Mathematics that uses probability theory to generalize the collected sample data. It helps to characterize the likelihood where the generalizations of data are accurate.Dec 26, 2019
statistics, Branch of mathematics dealing with gathering, analyzing, and making inferences from data. Originally associated with government data (e.g., census data), the subject now has applications in all the sciences.