Importance of Statistics

A vital part is played by Statistics in almost every human-activity’s field. It is having a significant part for determining current positions of the per-capita-income, rate of growth of population, unemployment, housing, facilities of medical, schooling etc. in particular country. Statistics has captured an important place in mostly all fields such as Industry, Trade, Commerce, Physics, Biology, Chemistry, Mathematics, Botany, Astronomy, Psychology etc. Due to this statistics’ application is wide. Statistics is applied commonly in the following fields:

Business – In the business statistics is playing a vital role. It enables a businessman in taking accurate and quick decision there by making him a successful-businessman. From the data given by statistics he can know easily what is the requirement of the customer and in accordance with that he knows what is to be produced to meet the requirement. He also can check product’s quality in a more efficient manner. So each and every businessman’s activity is based upon the statistical-information.

Economics – In this field also a vital role is played by statistics. Economics greatly depend on the statistics. For administrators and economists accounts of national-income are said to be a multipurpose-indicators. Usage of methods of statistics is done for preparing such accounts. In the field of economics, for the purpose of analyzing and collecting data as well as for testing the hypothesis, methods of research-statistical are being used. Relationships in between demands and supply are also studied through statistical-methods. Problems relating with exports and imports, inflation-rate and per-capita-income requires good statistics knowledge.

Mathematics – In mostly every social and natural sciences, statistics is playing an important part. Although natural-science’s methods are very much reliable; the conclusion that are drawn out of them are not that reliable, they are probable as conclusions are totally based upon evidences which are incomplete. For coming to a solid conclusion the help of statistics should be taken. In the field of mathematics, statistical-methods that are used are dispersions, probability-averages, estimations and so on and the variety of techniques which is used are integration, algebra and differentiation.

Banking – In this field also a vital role is played by statistics. Statistics is used by bank for various purposes. Many people deposit money and do not withdraw it early. This money is used by bank for giving loans to other. Bank staffs uses approaches of statistics based upon the probability for estimating depositor’s number and the claims made by them for specific day.

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