What is Statistics and Why / How it is important in Personal & Business Scenarios?

Plural - It talks about numbers like the total number of goals in European Cup football or the population in India.

Singular - It talks about its actual subject. The subject of collection. The subject of organization. The subject of analysis of a large amount of data. This is to draw a conclusion from the findings. These conclusions help in decision-making in personal life, business scenarios and also in policymaking. 

In personal Decision-Making:

We do train booking on the IRCTC portal. We can see the prediction on the chances of a waitlisted ticket being confirmed. We take decisions accordingly.

We buy stocks or commodities like gold. Here, the statistical analysis predicts the chances of financial gain. We take decisions accordingly.

In the case of making a career choice, past data is used to ascertain the chances of employment opportunities in a particular profession.

It enables one to make decisions in facets like investments, career choices, savings for the future etc…

In Business Decision-Making:

In companies, for quality control, statistics are used. An analysis is done on a small proportion of the goods or services, to understand their quality. If deviations are high from the accepted standard, improvements are made.

This helps the company to supply standardized goods or services to the market.

Companies like Uber or Amazon do not possess many real assets, but their main asset is data. This can predict the future behaviour of customers. These new-age companies, with the power of data, are valued in billions. 

Medical Science: Clinical trials of medicines and vaccines are based on statistical studies.

The pandemic (COVID-19) has acquainted the common people with various statistical information. Today, the government wants to know the number of people affected by the virus.

1) Their state-wise, the area-wise distributions.

2) The vaccination rate.

3) The results of trials of new vaccines.

They want to create awareness by disseminating the information to the public. Effective measures to counter the pandemic are developed accordingly.

Effective decision-makers thus interpret statistics in the right context. 

So, the Application of statistics can be seen in every sphere of our day-to-day life.

Mastering statistics as a student or professional help in career and organizational growth. Statistics and Analytical tools are here to stay for a long. They are the basis of decision-making.

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