uses-of-statistics

What Are the Top Uses of Statistics in Daily Life?

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Have you ever wondered how you get the accurate weather forecast, how your school or college makes your progress report, how eCommerce stores manage your data, and many more? It all becomes possible and easy to manage all because of the uses of statistics. Statistics is everywhere, and we can’t underestimate the uses of statistics in daily life. You can find statistics from managing your schedule to aerospace engineering.

Even it is the foundation of the latest technologies, i.e., machine learning, artificial intelligence, and many more. It has become the secret weapon of all the tech giants and large corporates. Without statistics, life may never be that easy. The major use of vital statistics is to create ways to make our life easier. Before we dig into it, what are the uses of statistics in different fields? Let’s have an overview of what is statistics:-

Statistics is all about the technique and science of data. It is used to take valuable information from the data. The knowledge of statistics helps you use the best methods to collect the data, do the correct data analyses, and present the results effectively. Statistics is a powerful method to convert the raw data into valuable information. It is used to make decisions and predictions using data sets. Life without statistics may not be that easy and meaningful. Statistics is a crucial part of our life from vital statistics to data science. Let’s get started to have a look at some of the top application of statistics in daily life:-

Uses of Statistics in Daily Life

Education

Many of us may be well aware of the uses of statistics in education. From your kindergarten to a doctorate, statistics follow you in every year of your academic journey. The school administration uses your vital statistics for your admissions. Apart from that, the teachers and mentors in school use various stats, i.e., your marks or grades, to prepare your progress report. Statistics also help the school administration decide the salary of their faculty and the tuition and other fees of the students.

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Although schools are not-for-profit organizations, statistics help them in the smooth flow of their operations. Nowadays, different technologies are used in schools and colleges to provide better facilities to the students. Schools and colleges get different data from these technologies and conclude with the help of statistics. Apart from that, statistics also help track the students’ co-curricular activities and keep track of their records. 

Business

The uses of statistics in business are crucial for every business. You can’t perform business operations without the use of statistics. Almost every single operation of a business depends on statistics. From planning to the goal completion, all revolves around statistics. The business decides the salary of their employees by using statistics. They also decide the prices or charges of the products and services with the help of statistics.

Apart from that, it also helps the business to plan their policies and plan. The success of the business also depends on how a business uses statistics to perform its operation. They also use various tools and software to collect their customers, employees, and suppliers’ various data. After getting the data, they use statistics to make a solid decision from that data. The world’s top 5 most valuable firms use statistics efficiently and effectively to make reliable decisions. 

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Research

The importance of statistics in research is crucial for every researcher. It is impossible to do substantial research without statistics. Even statistics make the research more potent as compared with the research without having any concrete proof. Millions of researchers around the world are using statistics to do the research. From students to the R&D departments of top MNCs depend on statistics to do their research.

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They can use various sources to get the raw data for their research. There are different kinds of research done by the researcher based on their goal. Likewise, the medical researcher will use vital statistics such as the name, age, gender, medical health, medicine consumptions, medical history, and many more. The population census will use vital statistics such as name, gender, age, race, profession, family members, income, and many more. Now you may have an idea of the uses of statistics in research

Government

The importance of statistics in government is a crucial factor. The government uses various statistics of their citizens to form the policies for the citizens. Apart from that, the statistics also help the government to decide the tax for the citizens. Likewise, in Australia, the government uses various statistics to impose different taxes on its citizens. Nowadays, almost every government in the world keeps records of its citizens.

That is why the government is making quick decisions to impose any tax or form any citizens’ policies. The annual budget of every country also depends on the statistics. Without statistics, the government can’t make solid decisions to form its governance. Every government policy, such as health, education, commerce, and agriculture, totally depends on the proper use of statistics. The population census also plays a crucial role in formulating citizens’ policies and making their annual budgets. 

News

The news channels worldwide use statistics for smooth operations and give the relevant news to their audience. There are various uses and applications of statistics for new channels. They do have reports on the ground level that collect various data from the source points. They have in-house analysts who perform statistics operations on the given data to get conclusive evidence for the news.

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Apart from that, the New channel also uses various stats to show you the prediction of the various elections worldwide. News channels depend on statistics to share authentic news with the audience. Nowadays, there are millions of online news sources using an authentic source to get the data. You should be beware of these news sources, and you should use relevant news sources to stay updated. 

Forecasting

There is widespread use of statistics in forecasting. The weather department uses supercomputers to make accurate forecasts of the weather. It helps the citizens to prepare for unexpected weather conditions. The weather department in almost every country updates its citizens by forecasting the weather. These forecasts become super helpful for those locations which are located near an ocean, sea, river, or mountains.

The forecasting of super cyclones, heavy rivers, and other natural calamities helps the local authorities prepare themself to deal with all the challenges and prepare in advance. The forecasting of any natural disaster also helps the government agency to get ready to deal with all the uncertainty in advance. We have seen some examples of forecasting, such as hurricanes and cyclones in the world’s coastal parts.

Sports

There are massive uses of statistics in sports. Every sport uses statistics of the players and smooth flow of the games. Nowadays, there are more than enough vital stats and player stats available online to see the player’s overall performance. Statistics are not helpful for the players and the support staff. Still, it is also helpful for the sport equipment manufacturers to use various player performance statistics to provide them the best equipment that can enhance their performance.

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Likewise, a shoe manufacturing company deals with the runner athlete to create high-performance running shoes with various statistics collected from different software and machines. In contrast, the athlete runs wearing those shoes. Nowadays, there are various leagues of different sports worldwide, and the franchise of the sport decides which player to buy and at which price.

Financial Market

The financial market revolves around the uses of statistics. The proper use of statistics in the financial market decides each share of various listed companies in the stock exchange. The market value is also decided with statistics on how much profit the particular company is making and how much the investors are more likely to invest within the company. In recent times the market valuation of Tesla motors crossed the 600 billion milestones within a few years. It’s all happened because of the proper uses of statistics. The investors in the financial market invest in the stock by analyzing the stock using different statistical methods. If the investor is not good at statistics, they look at the past performance and the company’s current market position. 

Let’s Sum Up

There are endless applications of statistics in daily life. From our breathing to social media usage, statistics are everywhere. You can’t separate yourself from statistics because of the role of statistics in our modern-day life. It has made our life relatively easy and convenient. However, statistics is considered one of the challenging subjects in the world. But you need to be well aware that every modern programming language, technology, and softwares are based on statistics.

They can’t work with the proper statistical operations, techniques, and methods. Thus if you are going to have a career in any field of your life, then you should have basic knowledge of statistics. And suppose you want to be a modern software developer using the latest technologies such as machine learning, artificial intelligence, and deep learning. In that case, you should have a strong command of statistics. I hope you may enjoy this blog post; if you still have any doubts about applying statistics in daily life, you can ask me in the comment section. If you know any of the uses that I have not mentioned above, you can mention them in the comment section.

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