Q:

What is the importance of statistics?

A:

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.

Businesses use statistics to find customer preferences, check the quality of products, market products, estimate costs and make decisions. Statistics help make mathematical theories more accurate. Economists use statistics to find the relationship between supply and demand, the relationship between imports and exports, the inflation rate, the per capita income, and the national income rate. Accountants use statistics to see how well a company is doing, discover trends and create projections for the next year. Bankers use statistics to estimate the number of people depositing money versus the number requesting loans. The government uses statistics federally and locally to make budgets, set the minimum wage and discover the cost of living. Astronomers use statistics to estimate the distance between objects in space and the timing of interstellar events. People working in the natural and social sciences use statistics to form theories on what they're studying, whether it's estimating large populations, predicting the weather or studying the human brain.


Is this answer helpful?

Similar Questions

  • Q:

    What the difference between statistics as numerical fact and statistics as a discipline?

    A:

    Statistics as a numerical fact is a piece of numerical information, also known as data, used to describe an event, occurrence or phenomena. Statistics as a discipline uses statistics or numerical pieces of information to solve problems in the everyday world and in academics. Those who work with statistics as a discipline are called statisticians.

    Full Answer >
    Filed Under:
  • Q:

    What is the importance of statistics in economics?

    A:

    Statistics are a methodology necessary in the field of statistics and are used to collect, analyze and evaluate data. Economics depends heavily on the use of statistics.

    Full Answer >
    Filed Under:
  • Q:

    What are AP statistics?

    A:

    Advanced Placement, or AP, Statistics is an accelerated high school course involving the collection, analysis and interpretation of mathematical data. This non-calculus-based course challenges students to develop theories and draw conclusions by identifying trends and divergences in data patterns. The curriculum typically requires students to design mock studies and surveys.

    Full Answer >
    Filed Under:
  • Q:

    What is the role played by statistics in research?

    A:

    Statistics as a form of scientific discipline plays an important role in research because it enables the researcher to develop accurate and reasonable inferences from relevant data collections. In this way, the researcher is able to make more informed decisions rather than facing uncertainties. This is particularly important in the area of medical research and can help to prevent or minimize biases and errors.

    Full Answer >
    Filed Under:

Explore