Why Statistics Are Important

Why statistics are important in our life? Statistics are the sets of mathematical equations that we used to analyze the things. It keeps us informed about, what is happening in the world around us. Statistics are important because today we live in the information world and much of this information’s are determined mathematically by Statistics Help. It means to be informed correct data and statics concepts are necessary. To be more specific about the importance of statistics in our life, here are 10 amazing reasons that we have heard on several occasions.

10 Amazing Occasions related to the importance of statistics

1) Everybody watches weather forecasting. Have you ever think how do you get that information? There are some computers models build on statistical concepts. These computer models compare prior weather with the current weather and predict future weather.

2) Statistics mostly used by the researcher. They use their statistical skills to collect the relevant data. Otherwise, it results in a loss of money, time and data.

3) What do you understand by insurance? Everybody has some kind of insurance, whether it is medical, home or any other insurance. Based on an individual application some businesses use statistical models to calculate the risk of giving insurance.

4) In financial market also statistic plays a great role. Statistics are the key of how traders and businessmen invest and make money.

5) Statistics play a big role in the medical field. Before any drugs prescribed, scientist must show a statistically valid rate of effectiveness. Statistics are behind all the study of medical.

6) Statistical concepts are used in quality testing. Companies make many products on a daily basis and every company should make sure that they sold the best quality items. But companies cannot test all the products, so they use statistics sample.

7) In everyday life we make many predictions. For examples, we keep the alarm for the morning when we don’t know that we will be alive in the morning or not. Here we use statistics basics to make predictions.

8) Doctors predict disease on based on statistics concepts. Suppose a survey shows that 75%-80% people have cancer and not able to find the reason. When the statistics become involved, then you can have a better idea of how the cancer may affect your body or is smoking is the major reason for it.

9) News reporter makes a prediction of winner for elections based on political campaigns. Here statistics play a strong part in who will be your governments.

10) Statistics data allow us to collect the information around the world. The internet is a devise which help us to collect the information. The fundamental behind the internet is based on statistics and mathematics concepts.

Hope these 10 everyday reasons help you to understand the importance of statistics.