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The Importance of Statistics in Daily Life
- Categories: Mathematics in Everyday Life Statistics
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Published: Jan 29, 2024
Words: 468 | Page: 1 | 3 min read
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Utilizing statistics for decision-making, understanding trends and patterns, evaluating claims and evidence, limitations and challenges in statistics.
- Agresti, A. (2015). Foundations of linear and generalized linear models. John Wiley & Sons.
- Coleman, J. S. (1990). Foundations of Social Theory. Cambridge, MA: Belknap Press of Harvard University.
- Kabacoff, R. (2015). The R graphics cookbook. O'Reilly Media, Inc.
- Mendenhall, W., Beaver, R. J., & Beaver, B. M. (2016). Introduction to probability and statistics. Cengage Learning.
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- Instructions Followed To The Letter
- Deadlines Met At Every Stage
- Unique And Plagiarism Free
- Why Study Statistics?
- Descriptive & Inferential Statistics
- Fundamental Elements of Statistics
- Quantitative and Qualitative Data
- Measurement Data Levels
- Collecting Data
- Ethics in Statistics
- Describing Qualitative Data
- Describing Quantitative Data
- Stem-and-Leaf Plots
- Measures of Central Tendency
- Measures of Variability
- Describing Data using the Mean and Standard Deviation
- Measures of Position
- Counting Techniques
- Simple & Compound Events
- Independent and Dependent Events
- Mutually Exclusive and Non-Mutually Exclusive Events
- Permutations and Combinations
- Normal Distribution
- Central Limit Theorem
- Confidence Intervals
- Determining the Sample Size
- Hypothesis Testing
- Hypothesis Testing Process
The field of statistics is the science of learning from 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. Statistics allows you to understand a subject much more deeply.
Statistics is an exciting field about the thrill of discovery, learning, and challenging your assumptions. Statistics facilitates the creation of new knowledge. Bit by bit, we push back the frontier of what is known.
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- Last Updated: Apr 20, 2023 12:47 PM
- URL: https://libraryguides.centennialcollege.ca/c.php?g=717168
Statistics, Its Importance and Application Essay
Importance of statistics, examples of how statistics can be used.
Statistics is a science that helps businesses in decision-making. It entails the collection of data, tabulation, and inference making. In essence, Statistics is widely used in businesses to make forecasts, research on the market conditions, and ensure the quality of products. The importance of statistics is to determine the type of data required, how it is collected, and the way it is analyzed to get factual answers.
Statistics is the collection of numerical facts and figures on such things as population, education, economy, incomes, etc. Figures collected are referred to as data. The collection, analysis, and interpretation of data are referred to as statistical methods (Lind, Marchal, & Wathen, 2011).
Two subdivisions of the statistical method are:
- Descriptive statistics: Deals with compilation and presentation of data in various forms such as tables, graphs, and diagrams from which conclusions can be drawn and decisions made. Businesses, for example, use descriptive statistics when presenting their annual accounts and reports.
- Mathematical/inferential/inductive statistics: This deals with the tools of statistics. These are the techniques that are used to analyze, make estimates, inferences, and conclude the data collected (McClave, Benson, & Sincish, 2011).
Statistics have been collected since the earliest times in history. Rulers needed to have data on population and wealth so that taxes could be levied to maintain the state and the courts. Details on the composition of the population were necessary to determine the strength of the nation. With the growth of the population and the advent of the industrial revolution in the 18 th and 19 th centuries, there was a need for greater volumes of statistics in an increasing variety of subjects such as production, expenditure, incomes, imports, and exports. In the 19 th and 20 th centuries, governments worldwide took more control in economic activities such as education and health. This led to the enormous expansion of statistics collected by governments (Lind, Marchal, & Wathen, 2011).
The government’s economic activities have expanded in the last three centuries and so have the companies/businesses grown, as well. Indeed, some have grown to such an extent that their annual turnover is greater than the annual budgets of some governments. Big firms have to make decisions based on data. The companies collect data on their own other than these sources to establish:
- Competition
- Customer needs
- Production and personnel costs
- Accounting reports on liabilities, assets, losses, and income
The tools of statistics are important for companies in areas such as planning, forecasting, and quality control (McClave, Benson, & Sincish, 2011).
To Ensure Quality
A continuous check into quality using programs is very helpful in ensuring that only quality products come out of production firms. This, in turn, ensures that there is minimum wastage or errors in the production of goods and services (McClave, Benson, & Sincish, 2011).
Making Connections
Statistics are good in revealing relationships between variables – a good example is when a company makes a close relationship between the numbers of dissatisfied customers and the turnover. Indeed, there is an inverse relationship between the number of dissatisfied customers and turnover.
Backing Judgment
With only a small sample of the population studied, the management can come up with a concrete understanding of how the customers will relate to their products. This, therefore, will help them decide on whether to or not continue with that line of production (Lind, Marchal, & Wathen, 2011).
Lind, D., Marchal, G., & Wathen, A. (2011). Basic statistics for business and economics (7 th ed.). New York, NY: McGraw-Hill/Irwin.
McClave, T., Benson, G., & Sincish, T. (2011). Statistics for business and economics (11 th ed.). Boston, MA: Pearson-Prentice Hall.
- Descriptive and Inferential Statistical Tests
- "Mindless Statistics" by Gerd Gigerenzer
- Descriptive Statistics in Nursing
- Descriptive Statistics Method: Household Income Analysis
- Statistical Process in Data Analysis
- Hypothesis Testing in Practical Statistics
- Applied Statistics for Healthcare Professionals
- Time Series and Causal Models in Forecasting
- Study Hours and Grades in Educational Institutions
- The Repeated-Measures ANOVA in a General Context
- Chicago (A-D)
- Chicago (N-B)
IvyPanda. (2020, October 1). Statistics, Its Importance and Application. https://ivypanda.com/essays/statistics-its-importance-and-application/
"Statistics, Its Importance and Application." IvyPanda , 1 Oct. 2020, ivypanda.com/essays/statistics-its-importance-and-application/.
IvyPanda . (2020) 'Statistics, Its Importance and Application'. 1 October.
IvyPanda . 2020. "Statistics, Its Importance and Application." October 1, 2020. https://ivypanda.com/essays/statistics-its-importance-and-application/.
1. IvyPanda . "Statistics, Its Importance and Application." October 1, 2020. https://ivypanda.com/essays/statistics-its-importance-and-application/.
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IvyPanda . "Statistics, Its Importance and Application." October 1, 2020. https://ivypanda.com/essays/statistics-its-importance-and-application/.
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COMMENTS
Statistics is a crucial process behind how we make discoveries in science, make decisions based on data, and make predictions. Statistics allows you to understand a subject much more deeply. In this post, I cover two main reasons why studying the field of statistics is crucial in modern society.
This article shares 10 reasons for why the field of statistics is important, including several real-life examples.
Why you need to use statistics in your research This chapter explains the importance of statistics, and why you need to use statistics to analyse your data. What is statistics? Put simply, statistics is a range of procedures for gathering, organis-ing, analysing and presenting quantitative data. ‘Data’ is the term for
To summarize, the five reasons to study statistics are to be able to effectively conduct research, to be able to read and evaluate journal articles, to further develop critical thinking and analytic skills, to act a an
There are two major reasons why learning statistics may be of value to you. First, you are constantly exposed to statistics every day of your life. Marketing surveys, voting polls, and the findings of social research appear daily in newspapers and popular magazines. By learning statistics, you will become a sharper consumer of statistical material.
Statistics enable us to collect data through surveys, polls, and experiments that are reliable and accurate. Furthermore, statistics provide us with tools and methods to analyze this data, allowing for evidence-based decision-making.
Statistics is a crucial process behind how we make discoveries in science, make decisions based on data, and make predictions. Statistics allows you to understand a subject much more deeply. There are two main reasons why studying the field of statistics is crucial in modern society.
Many of us think about why we are studying statistics and our uses of statistics in real life. They also want to understand the importance of the use of statistics. In this text, I will show you the benefits of statistics in real life. They also pay attention to the jobs provided in statistics.
So, to reveal the importance of statistics in daily life, this essay will provide different real-life examples and explain the application of various data analysis methods.
Statistics is a science that helps businesses in decision-making. It entails the collection of data, tabulation, and inference making. In essence, Statistics is widely used in businesses to make forecasts, research on the market conditions, and ensure the quality of products.