Statistics are a set of mathematic equations that we use to analyze data. Statistics keep us informed about what is happening in the world around us. Statistics are important today because we live in a world of information which is then mathematically determined with the help of these statistical measures. We all need to accept the bitter truth that all of us would have felt the board and annoyed while doing the statistics assignments. Even I felt the same way to do my statistics homework and now we are realizing the importance. It keeps us informed, corrects our data to help us acknowledge the importance of statics in our life.
Weather forecast is heavily influenced by statistics as the computer models that show them the forecast is build to compare prior weather conditions with the current weather to predict future weather conditions.
Helps to prepare for any emergencies
These weather forecast may indicate if hurricane or tornados are likely to occur. They inform the public and the authorities of the same to be well prepared when the natural disaster occurs. It may also help determine the range of the destruction, and these data are then collected to assess the danger of another disaster.
It helps predict a disease outbreak
You might have seen that news reports suggest that the number of people affected by some disease and the number died from it. It is quite interesting and when statistics give you a better idea about the same, it may not affect you, but these statistic reports generally suggest the likeable you catching a certain disease.
Statistics are involved in every medical research as scientist heavily rely on these statistics to validate the efficiency of a drug before they can be legal for human consumption.
Medical studies heavily rely on statistics as many diseases occur from the genetic makeup of the parents and these can potentially be passed on to there children. Statistic helps determine the chances of the newborn being affected by the disease.
Whenever there is an election, and the news organisations try to predict the winner when the candidates try to consult voter polls to determine where and how they campaign, statistics play a part in it.
If you have a mortgage on your house, you have insurance in play. The rate and the rate at which the insurance company charges you is heavily based on statistics from all the other homeowners in the area.
Any leading retailer will keep track of all the goods sold and use these statistics to calculate what to ship, when to ship and how much to ship. From analysing their vast store of information, it is easier to predict when the demand for a product will increase.
Stock markets are a topic that you see a lot in the news. Stock analysts use computer models which are statistical in nature to predict what is happening in the economy.