Uses of statistics in our everyday life
Statistics is a form of mathematical analysis that uses quantified models, representations and synopses for a given set of experimental data or real-life studies. Statistics studies methodologies to gather, review, analyse and draw conclusions from data.
In everyday life, across various domains, we come across the application of statistics, be it in the field of educations, predictions, forecasts and a lot more. In this article we will discuss multiple domains or areas where we find the uses of statistics to a much greater extent than we initially thought.
Statistics find vast applications in the field of prediction. By analysing data from various sources, be it by means of graphs and tables or through data collected by various surveys, statistics help us make calculated and strategic predictions about the future.
Testing the term is synonymous when we think about any Information Technology based company. Here be it Manual testing or Automation Testing, Statistics finds vast application in both these field. By virtue of analysing the previously assimilated data, software testers set a benchmarks so as to compare their current set of readings and to improve upon those.
Ever wondered how news channels make bold predictions about the day’s weather conditions? Or how does weather departments make necessary predictions about the impending cyclone which would hit the coasts in the next couple of days? This is done by analysing the data accumulated across multiple years and studying the pattern of wind directions and making calculated predictions which would help in necessary evacuations.
As discussed in the previous point, predictions made by using statistical approaches serves a great purpose in getting masses ready for upcoming situations, preparing them for any impending calamities by it natural or financial.
Statistics finds vast application in the field of politics. By analysing the data regarding the demography of the area, population of the region and voting trends of the masses many political parties develops strategies pertaining to the election campaigns that they undertake in a particular region. Also with the help of statistics many independent agencies also release the Exit Polls after elections so as present a clear picture of any elections.
INSURANCE AND FINANCIAL MARKETS
Be it the field of Insurance sector of Stock Market, statistics finds vast applications in both these sectors. To say that statistics form the backbone of both these sectors would be an understatement. Interest rates, market trends, rise and fall of SENSEX and NIFTY are some of the key area where statistics are of grave importance.
One of most unorthodox field where statistics find vast application is Sports Analytics. By analysing figures and numbers players and teams develop their strategies pertaining to every games. Stats find huge applications during any competitive events where it is used to determine the standings of all the participants and also as far personal stats are concerned, all the data that we see are only possible due to statistics.