The Importance & Role of Statistics in Education

1/23/2020

The Importance & Role of Statistics in Education - Swetha - Medium

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The Importance & Role of Statistics in Education Swetha Jan 23 ¡ 3 min read

1) Business: Statistics play an important role in business. A successful businessman must be very quick and accurate in decision making. He knows what his customers want, so he has to know what to produce and sell and in what quantity. Statistics can help the businessman to plan the product according to the taste of the customer, more efficiently checking the quality of the products by using statistical techniques. So all the activities of a businessman based on statistical information. He can make the right decision about the location of the business, the marketing of the products, the financial resources, etc‌ (2) In economics: Statistics play an important role in economics. Economics is largely based on statistics.

National income accounts are multipurpose indicators for economists and managers.

Statistical methods are used to prepare these accounts. Research statistical techniques in economics are used to collect and analyze data and test hypotheses. Relationship Between Supply and Demand Studies of statistical methods, implications for exports and exports, inflation rate and per capita income statistics are needed.

(3) In mathematics: Statistical centrality plays a central role in almost all-natural and social sciences. The methods of natural science are very reliable, but conclusions from them are only possible because they are based on incomplete evidence. Statistical help in defining these https://medium.com/@usm36/the-importance-role-of-statistics-in-education-3a78c613d41c

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1/23/2020

The Importance & Role of Statistics in Education - Swetha - Medium

measurements more accurately. Department of Applied Mathematics. A large number of statistical methods, such as probability averages, dispersion, estimation, etc., are used in mathematics, and different methods of purity mathematics are used in integration, differentiation, and algebraic statistics.

(4) In Banking: Statistics play an important role in banking. Banks use statistics for many purposes.

Banks operate on the principle that people who deposit their money in banks do not withdraw it at the same time. The bank benefits from these deposits by lending it to others on interest. Bankers use statistical procedures based on the likelihood to estimate the number of depositors on a given day and their claims.

(5) In-State Management (Administration): Statistics are essential for a country. The different policies of the government are based on statistics. Statistical data is now widely used in making all administrative decisions. If the government wants to revise the wage standards of employees in view of the increase in the cost of living, statistical methods can be used to determine the cost of living. The preparation of federal and regional government budgets is mainly based on statistics because it helps in estimating expected costs and revenues from various sources. So statistics are the eyes of the state administration.

(6) In Accounting and Auditing: Accounting is impossible without accuracy. But for the purpose of decision making, not much accuracy is required, the decision can be made based on approximations, know as statistics. The correction of the value of the current claims is made based on the purchasing power of the money or its present value.

Sampling techniques are commonly used in auditing. The auditor determines the sample size of the book to be audited based on error.

(7) In the natural and social sciences: Statistics play a key role in almost all-natural and social sciences. Statistical methods are commonly used in biology, physics, chemistry, mathematics, meteorology, commercial https://medium.com/@usm36/the-importance-role-of-statistics-in-education-3a78c613d41c

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1/23/2020

The Importance & Role of Statistics in Education - Swetha - Medium

research rooms, sociology, business, public administration, communication, and information technology, to analyze the results‌ (8) In astronomy: Astronomy is one of the oldest branches of statistical study; It is concerned with measuring the distance, sizes, mass, and density of heavenly bodies through observations. Most measurements can be established by using statistical methods so that errors are not missed during these measurements.

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