The first question that comes to our mind when we study statistics is, “What are the uses of statistics in our daily lives?”
Statistics are very useful in our lives, and sometimes it happens that we are using statistics but didn’t know that. For making every small or big record we need statistics. It is impossible to make a record without the use of statistics.
After reading this post, you will realize that you use statistics a lot in your day to day life. Also, you will feel like you are a master at using statistics.
Before understanding the uses of statistics, you need to understand the proper definition of statistics.
Note: You can also read the uses of statistics in different sectors?
What are the statistics?
Statistics are a part of mathematics. The collection, analysis, interpretation, and presentation of numerical data comes under statistics. It can deal with even large amounts of numeric data. In other words, quantitative data collection is statistics.
Uses of statistics
If you want the conclusion from researched data, then the statistics are very helpful. It is the key element to predicting the outcomes in any industry or company.
Statistics are very useful for finding relationships between demand, supply, and pricing. It is used to collect, process, and analyze all kinds of economic data. Also, statistics are useful for understanding and analyzing theories of economics.
The teacher uses statistics every time in school, such as for calculating marks, finding average marks, and even calculating the number of students who are present or not.
Predicting a trend
Statistics are used to predict any trend that will go upward or downward in the future.
If you want to find that the shares of a market will fall or rise in the future, then you have to gather its previous information. After gathering the previous information, you will analyze that information. By analyzing and studying that information, you can predict whether the shares of a company will fall or rise in the future. So it is one of the best uses of statistics, as it can give you all the important information about the market.
Let us explain you with another example
With the help of statistics, you can tell whether the price of a cryptocurrency will fall or rise. Firstly, you will collect the data of any currency for the previous few years. After that, you will study that data and find the trend that the currency is following. Finally, after proper analysis, you can predict how that currency will behave in the next few months.
In the field of transportation, statistics always help.
the government of a nation does all the calculations about their transportation system and collects all the related data. After that, they find out whether they need any new transport systems like waterways, airways, roads, or railways. After all the calculations, by using statistics, the government can build new ways for transportation if needed.
Statistics are also useful in the field of insurance.
if you want to buy car insurance, the agent will collect all the necessary information about your car, like the manufacture date, the present condition of your car, and so on. After collecting all the information, he or she analyzes the data and decides the premium amount for your car insurance. The agent completes all the processes, from collecting information to deciding the premium amount, by using statistics.
Statistics are very useful in every sport because they help you improve your game performance.
You can collect records of your performance in the time. Then, you can find where you are lacking so that you can improve, especially in that part of your game.
Another example of the uses of statistics in sport is that coaches use statistical data of their rival team to tell their team members the weaknesses of the opponents.
This is all possible only because of the statistics.
There are also some advanced uses of statistics, which we will discuss below:
In the field of robotics, statistics is used on a broad level. In robotics, numerous techniques are applied, such as kalman filters, bayesian networks, EM, particle filters, and so on.
Probabilistic robotics, a new technique for creating robot control, has been in use since the mid of 1990s.
This method effortlessly integrates defective models with sensing by using statistical concepts and tools.
Statistics are the most important framework on which aerospace engineering is working. In aerospace, statistics are useful for studying traffic decline, growth, and the accidents that happen due to the failure of aerospace.
These are the different uses of statistics in different fields of work. Apart from these, statistics are also useful in the following terms:
- Computer science
- Data science
- Deep learning
- Machine learning
To conclude, in this post we have discussed some important uses of statistics. It is also discussed how statistics are useful in various fields of work and how governments, agencies, and people use statistics in their day to day life.
I hope you have enjoyed reading this post about statistics and their uses.