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APPLICATION OF STATISTICS IN DIFFERENT FIELDS

Statistics is a field of science that involves the study of collecting, analyzing, organizing, and interpreting data. The subject matter leverages a central position in almost every area, like psychology, botany, mathematics, and so forth, making it a protagonist of every discipline of human activity. Below is a list of application of statistics in different fields.

Application of Statistics in Mathematics

The methods used in natural sciences are the most dependable, but conclusions drawn from them are only probable for the reason that they are based on incomplete evidence. The formulas related to statistical methods serve a vital purpose to complex mathematical problems. It provides a reliable solution to both math and mathematical concepts.

A combination of the fields has led to the foundation of remarkable techniques, like probability, dispersion and many more, which are imperative in mathematical concepts like algebra, integration and so on. Statistics is also beneficial in describing measurements more accurately and precise.

Application of Statistics in Business

Statistical methods are vital in business. They aid in checking the quality of products and provide a plan of how production can be done to enhance the customer's preference. Statistical information facilitates the decision-making process of the businessperson.

It can also aid in formulating strategies for production, marketing of products, finance, and management of resources. Statistical information also helps the businessperson to make decisions based on the best locations to establish their businesses, that is, noting the customer population in the area and the availability of a business gap.

Application of statistics in Astronomy

The subject matter has played an enormous role in astronomy. Scientists used statistical methods in the estimation of the distance of natural phenomena like distance from the sun to the earth, or from the moon to the planet. Statistical probability has also helped in measuring mass, size, distance, and density of the heavenly bodies through observation.

Application of Statistics in Executive and administration

Different governments of states appreciate the significance of statistics towards the country's operations. statistical data is vital to a country while making executive decisions. Statistics provides the most accurate info which helps the government to make budgets and estimate expenditures and revenues. Another important application of statistics is the use of statistical information. It is useful in revising the pay scale of employees in case the cost of living rise.

Economics

This is among the top fields that hugely rely on the subject. Several concepts of economics are entirely dependent on statistics. Statistics plays a crucial role in interpreting all the data collected from different sources that are national income, inflation, employment and so forth.

The precedent is also applicable to understand concepts such as the supply and demand relationship, imports and exports to mention a few. The statistical data and formulas are applied in calculating the country's population.

Natural and social sciences

Statistics is not only a field of science that deals with data but also plays a central position in all other disciplines. With the help of statistical methods, it aids in experimenting and analyzing results.

Also, its application is beneficial in subfields like biostatistics, biometrics which involves the study of medicine, fishing, agriculture, pharmacy and many more. Probability theory is useful in physics while estimating population size and the statistical tools enable the outcomes of thermodynamics.

Application of Statistics in Banking

In the banking sector, statistics plays an important role. Banks use statistics for a variety of purposes. They work on the principle that when someone deposits his money in banks, the idea is that he will not withdraw the amount in the near future. So, banks lend this money to other customers to earn profit in the form of interest. They use a statistical approach for this service. They compare the number of people making deposits against the number of people requesting loans and at the same time ascertaining the estimated day for the claim.

Auditing and accounting

Without accuracy, accounting is impossible. However, so much precision is not essential for decision-making purposes; the decision can be made based on approximation, known as statistics. Current asset values are corrected based on money's purchasing power or current value.

A good example is it aids in checking the current market trends as it does not require precision. On the other hand, Statistics is an essential factor to auditing with the help of sampling techniques. An auditor determines the size of a sample being audited based on error.

In a nutshell, statistics is a wide-ranging subject, and there are many other uses of it in different fields related to daily human activities. Few other examples are weather forecasting; communicate information, data analysis to mention a few.

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