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What is the Importance of Statistics?

Statistics are groups of mathematical equations that we use to analyze things. Statistics is the science of learning from data. Statistics play an important role in every field of human activity. Statistics help in determining the current position of income, unemployment, a growth rate of population, housing, school education etc. in a country.

Statistics now have a central place in almost every field, including industry, commerce, business, etc. Now we will discuss the importance of statistics in various areas.

Importance of statistics in the Banking Sector.

Banks use of statistics for many purposes. Banks work on the principle that anyone who deposits their money with banks does not take it back at the same time. The bank makes profits by lending to others on interest from these deposits. Bankers use statistical approaches to estimate the number of depositors and their claims for a certain day.

In Accounting.

Without exactness, accounting is impossible. But for decision-making purposes, such accuracy is not necessary. Decisions can be made on the basis of estimation, known as statistics. The values of current assets are improved on the basis of purchasing power of money or its present value.

Importance of statistics in Business.

Statistics help traders to plan production according to the customers, and using the statistical methods can ensure the quality of the products more efficiently. Businessmen can make informed decisions about the locations of business, products marketing, financial resources, etc.

In Natural and Social Sciences.

Statistics play an important role in almost all natural and social sciences. Statistical methods are usually used to analyze the results of experiments and their importance in the cells of biology, physics, chemistry, mathematics, meteorology, research, commerce, sociology, business, public administration, communication, and information technology.

In Economics

National income accounts are multipurpose markers for financial experts and managers, and statistical methods are used to set up these accounts. In the research of economics, statistical methods are utilized to gather information and to inspect and examine theories. The connection between supply and demand is studied by statistical methods. Import and export, expansion rate, and per capita income are such issues that need a good knowledge of statistics.

Importance of statistics in the Medical Sector

The doctor predicts disease based on statistical concepts. Let's say a survey shows that 60% -70% of people have cancer and the cause is not available. When statistics are included, you can better think about how cancer can affect your body or smoking is the main reason.

State Management

Statistics for the country are essential. Various government policies depend on statistics. Statistical data is now utilized in settling all administrative decisions. The planning of bureaucratic and common government budget depends on the statistics because it helps to estimate the expenditure and revenue expected from various sources.

In Astronomy

Astronomy is one of the oldest branches of statistical studies. It is related to the distance, and size, mass and measurement of the density of heavenly bodies. Errors are indispensable during these measurements, so the most likely measures are found using statistical methods.

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