What Is Statistics? Describe Importance Of Statistics In Different Fields?

A statistic is the result of applying a proper function (algorithm) to a set of data available to us. Its statistical theory defines statistic as a function of a sample or a selected thing where the function itself is independent of the sample's distribution and separation. Statistics can be used in various fields from simple to complex. We may use it for counting things. We may use it in mathematics. Its main use is in research tasks. It makes our data compilation easier than ever before. It is all about simplification of things in a real world. It is playing a vital role in calculations in science subjects. It is helpful to keep and improve the record of an organization. Business management is incomplete without education of statistics. This shows that statistics is playing a role in all of the fields, it has a role in buying fruits from markte and it has a role in a big business deal as well. So we cannot deny its important and animated role in any way.

The word statistics have been derived from the Latin word status or the Italian word "statista". Both the word means a political state. The word statistic is also found used by Shakespeare and Milton in the same of states men i.e. a person well versed in the affairs of the state. Its originally meant information useful to the state.

Statistics has come to play an important role in almost every field of life and human activity. There is hardly any field where statistical data or statistical methods are used for one purpose or the other our arrival in this world and departure from here are recorded as statistical data somewhere and in same form.

Statistics plays an important role in business, because it provides the quantitative basis for arriving at decisions in all matters. All types of banks make use of statistics for a number of purposes. Statistics has proved to be of immense use in physics and chemistry. It has given a new understanding to the essential qualities of the laws of nature.

Statistics plays an important in psychology and education. In experimental psychology, whenever a problem has to be studied, it has to be based on a sample. Statistical methods are also used in analyzing the experimental data and drawing conclusions there from.

We have seen that statistics now holds a central position in almost every field and the importance of statistics is increasing day by day.

Statistics is a mathematical science involving the collection, interpretation, analysis, and presentation of data. It is often used to make predictions based on data. It is widely applicable in various social and natural sciences as such as political science and medicine as well as in business such as the insurance industry.
For example, statistics are a very important part of political campaigns as they lead up to elections. Every time a scientific poll is taken, statistics are used to calculate and illustrate the results in percentages and to calculate the margin for error.
Statistics are also used in psychology. People’s behavior can be measured on a bell curve. Most people fall within acceptable ranges of the bell curve. However the people who fall outside "the norm" or on the "fringe" of the bell curve may be considered unstable.
Statistics are very important in various aspects of business; a terrific example is the insurance industry. It is the job of an actuarial scientist to determine how long people will live (statistically), how likely they are to have an accident, and how likely is it their home will burn down or be damaged in a hurricane? These risks are all rated based solely on statistical data and policies are priced accordingly.

Importance of statistics

Like most people, you probably feel that it is important to

An analysis of understanding which makes complex visualities to simpler ones

Discuss its importance in economic analysis using illustrations.

Discuss its importance in economic analysis using illustrations.

Discuss its importance in economic analysis using illustrations.

Discuss its importance in economic analysis using illustrations.

Discuss its importance in economic analysis using illustrations.

A coin is tossed and lands on tails. The coin is tossed a second time. What is the probability of the coin landing on tails a second time?

Importance of statistics in politics

Statistics- is a science that deals with the collection, organization, presentation, analysis of data and interpretable of this result.

Importance of statistics

Importance of statistics in Field of business

A statistic is the result of applying a proper function (algorithm) to a set of data available to us.

Statistics has come to play an important role in almost every field of life and human activity. There is hardly any field where statistical data or statistical methods are used for one purpose or the other our arrival in this world and departure from here are recorded as statistical data somewhere and in same form.

Statistics plays an important role in business, because it provides the quantitative basis for arriving at decisions in all matters. All types of banks make use of statistics for a number of purposes. Statistics has proved to be of immense use in physics and chemistry. It has given a new understanding to the essential qualities of the laws of nature.

Statistics plays an important in psychology and education. In experimental psychology, whenever a problem has to be studied, it has to be based on a sample. Statistical methods are also used in analyzing the experimental data and drawing conclusions there from.