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Statistics has come to play an important role in almost every human related field. Statistics plays an important role in business, because it provides the quantitative basis for arriving at decisions in all matters connected with operation of business.
The whole structure of insurance is based on statistics. Statistical data are used for finding the death rate and statistical methods are used for estimating the rate of interests in the times to come.
Statistics has been known to be of a great use in the field of Meteorology, as statistical principles and methods are used in weather forecasting. Similarly statistics is being used in the fields of chemistry, physics, biology, sociology, psychology and astronomy.
Statistics play an important role in Economics. This role lies in the fact that economics depends upon statistics in connection with the formulation of economic laws and theories.
The whole structure of insurance is based on statistics. Statistical data are used for finding the death rate and statistical methods are used for estimating the rate of interests in the times to come.
Statistics has been known to be of a great use in the field of Meteorology, as statistical principles and methods are used in weather forecasting. Similarly statistics is being used in the fields of chemistry, physics, biology, sociology, psychology and astronomy.
Statistics play an important role in Economics. This role lies in the fact that economics depends upon statistics in connection with the formulation of economic laws and theories.
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