Statistics are useful in certain careers and in sports, according to Wichita State University. When people use statistics in real-life situations, it is called applied statistics. Statistics involves descriptive and inferential analysis of raw data.Know More
Businesses employ charts and graphs to analyze processes and make decisions, according to the Ohio Literacy Resource Center. These display the data that statistics generate. People in the media also use statistics to create percentages and frequencies to make technical stories simpler for the average person. Quality control teams use statistics to develop product standards and inform managers of progress.
According to Six Sigma of the Aveta Business Institute, statistics can even help managers ascertain the best workers and isolate employees for promotion. Those in the business sector create variables to make inferences for future projections and career aptitude. Businesses can use census data in aggregate-level statistical form to compare similar companies within an industry or geographic region, states the U.S. Census Bureau.
Sports teams and recruiters notably use statistics to track player performance and make probabilities for team and player success. According to the Center for Gambling at the University of Nevada at Las Vegas, casinos and gamblers use probability statistics to determine chances. In particular, the casinos use probability statistics to ensure that the house makes more money than it pays to customers, so that they can turn a profit.Learn more about Statistics
Experts use statistics to understand large and complex sets of data. Statistics are also helpful with surveys, which legislators use to affect policy. Knowing how statistics work is important for fully understanding news reports.Full Answer >
Statistics is the study of numerical information, which is called data. People use statistics as tools to understand information. Learning to understand statistics helps a person react intelligently to statistical claims. Statistics are used in the fields of business, math, economics, accounting, banking, government, astronomy, and the natural and social sciences.Full Answer >
Statistics allow people to analyze surveys, experiments and other data, but they are easy to misrepresent or to use to mislead others. Statistical data is essential to the scientific method. It also helps companies, governments and other entities make decisions.Full Answer >
The main advantage of statistics is that information is presented in a way that is easy to analyze, which makes its conclusions easily accessible. Comparative statistical analysis allows people to identify the strengths and weaknesses of different strategies, programs, policies or products across multiple demographics, making it an indispensable tool for decision makers.Full Answer >