Statistics is a kind of mathematical analysis that applies representations, models, and synopses to certain research data or real-world life studies. Statistics aims at studying methodologies to collect, evaluate, analyze, and make conclusions from data. It keeps us updated on what is happening around the globe since most of the information in the current world is represented mathematically.
Most people and students often think of the reasons for studying statistics and the role of statistics in real life. Further, there are concerns about the statistics job scope. When statistics are applied appropriately and correctly, we can obtain trends of what happened in the past and can be utilized to forecast what might happen in the future. Therefore, below are some ways of of how statistics are applied in the real world.
Weather Forecast
Have you ever thought about how weather forecast information is generated? Statistics play a critical role in analyzing, observing, and in mathematical forecast models. Through inbuilt statistical concepts, there are some computer models that compare prerecorded weather with the current weather to forecast future climate conditions.
Research
Researchers use their statistics skills to avoid wasting time, money, and losing data. For example, statistics concepts can be used for data collection, analyzing, describing, interpreting, and presenting. Applying statistical skills and concepts helps researchers in summarizing, performing, appropriate characterization, and describing the study’s results.
In the absence of statistics, the medical field would be less effective since there would be no research to help them identify which medications or interventions work best and how individuals react to drugs. Furthermore, in the absence of statistics health experts would not be able to research by race, country, or age to determine the impact of the features on an individual’s health.
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Insurance
Everyone has a connection to a certain kind of insurance; it can be either home, car, life, medical, among others. Depending on a person’s application, some organizations utilize statistical models to evaluate the risk of issuing insurance.
For example, if you are a car owner, you need to ensure your vehicle. If you have acquired your house on a mortgage basis, you must insure it. Therefore, the rate at which an insurance company charges the insurance cover depends on the statistics collected from car owners and homeowners within your location.
Quality Testing
Statistics play a significant role in quality testing. Industries produce many products daily, and it’s their responsibility to ensure that each of the products made meets the quality requirement standards. Therefore, since it is challenging to test every product, companies apply the statistics sampling technique. If the sample meets the quality test requirements, the company assumes that all the products produced in that batch are quality.
Emergency Preparedness
If the forecast gives a warning that a tornado or hurricane might take place what happens? The emergency management team depends on statistics to enlighten them on when the occurrence might happen.
Engineers, astronauts, doctors, artists apply statistics to anticipate future occurrences. For instance, doctors applying statistical approaches to learn the future of an ailment.
On the other hand, engineers apply statistics to determine the likelihood of their current project succeeding, and in evaluating the duration, it would take to complete the project.
Medical Predictions
Doctors use statistics concepts to predict diseases. For example, a survey might show that a third of the country’s population has cancer; however, the cause cannot be identified. By applying statistics concepts, reasonable ideas are drawn on what’s causing cancer or how cancer might affect the body.
We come across several statistics news reports about a disease. Mostly the reports inform us of the general number of people infected with the disease or no of people who have died from the disease. The report is informative, but it might not create much impact on your life. Therefore, by applying statistics, people can get a broader idea of ways the disease spreads and how it might affect them.
Through statistics, the medical field people can determine the number of people infected with a specific disease, and the number of people who have succumbed to the sickness.
Statistics play a significant role in showing what caused a specific ailment. For example, research might show 80% of the people are infected with a disease due to animal protein intake. In such a situation, you might avoid eating animal protein to avoid catching the disease.
Political Campaign
During political campaigns, statistics plays a significant role in helping news reporters to predict who will be the winner. More also, it assists political parties to estimate the number of candidates supporting them in a given voting area. Furthermore, statistics enable aspirants to have a clue on their chances to win in a given zone.
Financial Markets
Statistical computer models are used to perform stock analysis. By applying statistics concepts, stock analysts can obtain data about the economy and calculate stock prices. On the other hand, statistical concepts assist investors to make investment decisions and also helps businesses control their capital to do long-term business.
Business Statistics
All companies apply business statistics and data analysis tools. For example, they apply statistical concepts to examine the probability of where their sales level will be in the future.
Statistics are also used in consumer items to determine which products are in stock and out of stock.
Government Decisions
Statistics help the government when making decisions on issues such as education, health, population, among others. Through statistics, the government can be able to check the type of education system that might be beneficial to students. Furthermore, through census, which uses statistical approaches, the government can quickly gather specific information concerning the country’s population.
In conclusion, statistics is vital in our lives; through it, we can know past happenings and what might happen in the future. With this kind of knowledge, people can make effective decisions in their daily life.
