We have learned Statistics in our academic sessions, which is one of the vital concepts in Maths and Commerce. But have you ever considered, what is the importance of statistics in our day-to-day life? What role does it play in everyday life? What are the applications of statistics? Let us get some knowledge regarding the same, which will give answers to most of these questions.
- Most of the time, researchers collect the data to analyse them and make a profit in business. It helps in presenting a better understanding and accurate representation of a phenomenon of nature. To check if there is any variation in a set of data, they use box and whisker plot, which represents the data in a graphical form.
- Statistics has its vast importance in the field of weather forecasting. The weather models are designed in such a way that they use the previous and current weather report to give estimated predictions of future weather.
- Based on statistical analytics, one can predict the future of any business. Also, people in the industry can invest in specific projects knowing the pros and cons. This prediction helps them to make the maximum profit and generate more revenue while doing business.
- In the field of construction, engineers can foretell the amount of course material required to build a particular building or bridges or roads. Hence, maintaining the budget of the construction.
- In the Medical field, statistics plays a huge role, to predict the disease based on the statistical report of the number of percentage people are getting affected by it. Later, doctors experimented on various medicines to get a cure for the disease.
Geometry is an essential part of our life, where we learn about the different types of shapes such as square, circle, rectangle, trapezoid, etc. In the same way, the statistics have its significance. Always try to relate the conceptual knowledge of statistics to the real world and make learning enjoyable.