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Statistics is used in variety of fields to draw inferential patterns from the sets of data. The field in which statistics are widely used include: Banking and Finance, Nursing, Geographic Information Systems (GIS), Information Technology, analyzing stock prices trends in a stock market, Market Analysis, Marketing (by using statistics for keeping records for the customers), Sales forecasts, Economics, Data Mining, Data Warehousing, Engineering, Product development (by forecasting demand and Production units to be produced by the Manufacturing unit). Insurance companies use various statistical procedures to calculate annuity and premiums which is the core processes in their businesses. The use of statistics is highly acclaimed in the field of risk management which is quite burning concern of the organizations. Hence statistics is present in every field and is used by wide variety of people and organizations for performing their core processes in an effective manner.
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