According to the Department of Statistics, Statistics is defined as the practice or science of collecting and analyzing numerical data in large quantities, especially for the purpose of inferring proportions in a whole from those in a representative sample. Collections of numbers are difficult for people to make sense of directly. Statistics is a collection of tools that help people understand the meaning of quantitative data. These tools can compare datasets to see how similar they are to one another, how internally consistent the data are, and the characteristics of the data. It is from this premise that we can determine the importance of statistics in our lives.
Here are a couple of reasons as to why we need statistics and why we make use of it. Statistics serves a very crucial when it comes to weather forecasting. When forecasting the weather, the weather forecasters make use of computer models that heavily rely on statistics. Statistics in this case is used to compare weather patterns and trends from the past to the current ones. Researchers also make use of statistics when it comes to the process of data collection. It helps salvage time, money as well as prevention of loss of crucial data that is very important to fulfill the purposes of the study. Statistics also comes in very handy when it comes to all matters concerning insurance be it home or medical. Some insurance companies make use of statistical models to calculate the risk of giving insurance and policies.
In the financial market statistics also plays a major role as it guides both the traders and businessmen on how to properly invest their money which will eventually plough back the most profit. The medical field also benefits a great deal from statistics, before any medication is approved and can be used as treatment scientists have to statistically prove the effectiveness of the medication first. Companies come up with new products every other day and it is important that they produce quality products that will be able to earn them the most profit. For them to test the quality of the products, they cannot do it on all the products they will have to take a sample of the products and come up with a conclusion of whether the product is of good quality.
News reporters and newspapers heavily rely on statistics when they want to predict who is most likely to win the elections in a particular country. It is important to note that this information is solely based on the political campaigns held. Statistics also assist us to collect any kind of information that we may require from the world. The internet is used to fulfill this purpose while borrowing heavily from both statistical and mathematical concepts. Statistics also help us make better and well informed decisions, before one makes a decision you have to weigh all the options and choose the path that will have the best possible and beneficial to you most.
According to some researchers, some students fail statistics because they fail to understand its basics theorem. Some students seek help for Mystatlab answers for their statistics, which is very wrong. They are supposed to learn how to do it on themselves. Such sites do not help a lot in developing the future objectives of each students, and they should avoid them a lot