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What do you mean by Statistics?

It is the mathematics branch which involves working with the collection of data along with analysis of organization and interpretation. It will also cover down models along with techniques that are used for interpretation. Users will come across with 2 main branches of statistics it will cover down

Descriptive Statistics- It will include simple quantitative summary of the set which is collected so far. It will help the users in setting the details along with telling them everything that they need to import in the data respectfully. The descriptive statistics tries to capture the large set of observation along with giving us some ideas of the data that has been set so far. All the measures of central tendency like mean along with mode and median will come under this branch and they can distribute the data like normal distribution and standard distribution. In this type of statistics, data can be represented in the form of graphs that will help the users in understanding the experiment part.

Inferential Statistics-

This type of statistics involves drawing out the right conclusions from the statistical analysis which has performed under descriptive statistics. If the experiment is performed better in description statistics, then users will able to draw the right decision or conclusion for the above study.

Importance of Statistics in different areas

Statistics plays an important role in human life. This field

  • Helps in finding out the existing per capita income
  • Problem and rate of unemployment
  • Rates of population growth
  • Problem of housing along with schooling and medical facilities in the country.
  • It plays an important role in every field. It will cover down industry along with commerce and trade. Application of statistics in the country is wide.

Importance in Business

It plays an important role in the areas of business. It will help the businessman to make accurate decision while selecting the product for the customers. They are intelligent enough to sell and produce the products that are manufactured by them according to their customer’s preference. In simple way it will help them

  • Planning the production according to the taste and demand of the customers
  •  It will also help them in checking the products more efficiently by using statically methods
  • All the activities of the business are based on information that has been taken out with methods.
  • It will help the business to make the decision regarding the location of the business along with marketing the products and financial resources.

Importance in Mathematics

It plays an important role in natural and social science. The methods that are used in natural science are reliable in nature but on other hand, the conclusions that are drawn are based in incomplete results in short they are probable in nature. Users will come across with many statistical methods which include dispersions along with averages that are used in mathematics. Other methods like integration and algebra are also used in statistics.

Importance in Economics

This field depends upon statistics. In this field, methods are used for

  • Collection of data along with analyzing them by using test hypotheses
  • It helps in studying the relationship between demand and supply
  • It also helps the users in understanding the main concept of inflation rates along with per capita income.

Importance in Administration

Different policies of the government are based upon statistics. Data collected from these                     methods are used in making administrative decisions. It helps in preparing the federal and government budgets which depends upon statistics. It also helps in estimation the expected expenditure along with revenue from different sources. It is the considered the important part of the body in the field of statistics.

Importance in Banking Sector

It plays an important part in banking sector. Banks plays an important role in lending money on the basis of numbers of deposits made in the certain day. Bankers use different methods in finding out the approaches which is based upon the probability in order to find out the number of deposits made in the single day.

Importance in Social Science

Statistical methods are used in the areas for analyzing experiments along with testing the results in biology, science and public administration.

Importance in Astronomy

Astronomy is the oldest branches which deal with statistical study. This will help in

  • Dealing with distance measurement along with its sizes covering the masses
  • Densities of heavenly bodies with the help of means of observations
  • Errors which are found are unavoidable in nature,
  • Helps in finding out the accurate measurements with the help of statistical methods.

Importance in Accounting and Auditing

Accounting cannot be done without having exact figure. It helps in making the decision based on approximation that is important in this field. Values of current asset are taken out on the basis of purchasing power of the assets done by the user’s side. In auditing, statistics is important as it helps in finding out the sampling techniques.

Thus we have seen that statistics plays an important part in every field. It is important in banking along with administration and economic field which are serving many benefits to the users. Apart from that each field needs different methods to find out the correct decision.

Importance of statistics in the life of students

There is no doubt about the fact that statistics is a highly useful academic discipline. Whether it is school or college, one can reap a lot of advantages by studying statistics. Here are some points that will clearly explain that why statistics is a great subject –

  • Statistics helps in understanding real life situations in a better manner

If you are a statistics student then you can understand the real world situations in a better manner. For example whenever you have to do online shopping then you get to see different ratings, reviews and data based information related to different products. All these things are basically statistical information based on a set of data. By having knowledge about the statistical procedures you will be able to understand the real world situations in a much efficient manner. There are lots of industries that are highly dependent on statistical findings and they use such information for projecting the future trends.

  • Statistics can help in enhancing numerical abilities

By studying statistics you will get a really good command over the numerical aspects. Statistics is actually a branch of mathematics, so, your mathematical abilities would become better to a great extent. You will learn the art of data interpretation. Be it the mathematical calculations, bar diagrams, pie diagrams, graphical aspects or anything else, you will get to know that how data is to be presented in a meaningful manner. Statistics can really help in developing your intellectual capabilities in a brilliant manner.

  • Statistics helps in understanding various kinds of social issues in an easy manner

It is commonly seen that students are really curious about various social issues like politics, poverty, unemployment, population etc. But do you know that interpreting all such aspects is really simple with the help of statistics. Yes, this statement is absolutely correct. If you know that how statistical findings are to be interpreted then you will get the answers in relation to all sorts of social aspects. You can interpret the trend of production growth in an economy, the progress of national income, the rate of unemployment, the trend related to inflation etc. Thus, if you are curious to know all such aspects then statistics will surely help you in a great way.

  • With the help of statistics timely decisions can be taken

Statistics really helps in taking timely decisions. It has already been discussed that a lot of industries are dependent on statistical findings. Thus, business houses use such information for taking future decisions. For example if a company is having statistical data about customer preferences in the segment of FMCG products, then it can plan its production and operations in a highly efficient manner. So, by studying statistics you will learn the art of deriving vital conclusions from data based information.

  • From the point of view of career, statistics is a great discipline

One of the main advantages of studying statistics is that it is a great discipline from the point of view of career. There are lots of fields where there is a great demand for talented statisticians. Be it the banking sector, financial services sector, government departments, medical industry or any other domain, there is always a demand for people having mastery in the field of statistics. So, by pursuing statistics you will be making a really good choice. There are amazing career opportunities in this segment and the pay scale is also promising.

So, these are the major advantages of studying statistics. If you are dedicated and hard working then you can surely excel in this field.

Problems that students face while studying statistics

Statistics is a vital academic discipline but it is seen that students face different types of problems while pursuing it. Here is an idea that what issues are faced by the students while pursuing this discipline-

  • One of the main problems about which students complain is that the theoretical portion in statistics is confusing. It is true to a certain extent. But if you will dedicate time to this subject then all your doubts will come to an end.
  • There are lots of numerical questions; data based information, mathematical findings, graphical representations and diagrammatic explanations in statistics. If you are weak in these domains then you can have a tough time dealing with this subject.
  • Generally students say that it is tough to clear statistics exam with flying colors. It may be true for certain students. The reason is that one can’t expect straight questions in statistics examination. If your concepts are crystal clear then you can get really good marks in statistics exam.
  • One of the persistent complaints is related to statistics homework and assignments. Students say that homework and assignments should not be given at all. But if such tasks would not be assigned then students won’t practice at all. Thus, instead of feeling burdened with homework and assignments, one should consider them as a means for future preparation.

So, these are some of the common issues that students face while studying statistics. If you know the art of handling things in a smart manner then you can surely excel in this academic discipline.

A smart choice that you can follow

While pursing statistics, many times you may feel stuck with the complicated questions and in such a case professional guidance must be availed. Now you must be thinking that what should be done in order to avail guidance. The answer is that you should try the online medium for help.

There are really good statistics tutors on the online platform and they will help you to understand this subject in a brilliant manner. The rates for online educational services are very reasonable and you will get high quality solutions before the promised deadline. So, it is a smart choice for sure.

Thus statistics plays an important part in every field. Students will come across with many online options where they will get the best solution in an affordable way. Apart from that they will also come across with experienced professionals who will take care of their needs in best way. If students are not satisfied with the solution they can ask the same question again and again. Experts are always available for them for 24 hours.

Author Bio:

Maja Kazazic is a highly respected online tutor in the field of statistics. He holds mastery in this academic discipline and knows the art of handling the doubts faced by students in an exceptional manner. His blogs provide a valuable insight into the field of statistics. He is always ready to help the students with their projects, homework and assignments related to statistics.