Why Statistics

If you’re taking a statistics class right now, you might be wondering just when exactly you’re going to use this. Most people who aren’t business majors or math majors often wonder what they need statistics for as it seems to be something only majors similar to those would need. However, statistics plays an important role in a great number of different fields, some of which you might not have expected. Here’s a list of fields that use statistics and why it’s important to each field.

If you’re a business major, you’re familiar with the role statistics plays in your field. However, if you haven’t gotten to that point yet, here’s some information on statistics in the business field. Statistics involves making decisions, and in the business world, you often have to make a quick decision then and there.                                                                              like for example , Did you knowstat1

  • 4 out of 5 dentists recommend Dentine.

Much of math is based on probability and theories, and statistical methods help make those mathematical theories that much more accurate. Using averages, dispersion, and estimation allows you to come up with conclusions that are closer to the real answer than just taking a wild guess

  • There is an 80% chance that in a room full of 30 people that at least two people will share the same birthday.

Much of economics depends on statistics. Economists use statistics to collect information, analyze data, and test hypotheses. Relationships between supply and demand and imports and exports are found using statistical information. The same can be said for figuring out the inflation rate, the per capita income, and even the national income account. A good example of statistics and economics in the real world would be the Census Bureau and the information they collect and use to decide many other political items.

Hope you have got a fair idea about some of the different feilds , In our future posts we’ll detail you with more interesting facts in each of these sectors ! Until then , Keep reading !!

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