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Understanding the Importance of Statistics in Day-to-Day Life

11 Jun, 2018 8200

Statistics is a vast field that analyzes and summarizes collected data into the numerical form. It is also concerned with prediction and forecasting based on data. It involves ample calculations and computations and works on two fundamental ideas- uncertainty and variation. Statistics also helps in determining the existing position of per capita income, unemployment, population growth rates, housing, education, and healthcare in a country.

Moreover, our statistics assignment help professionals say that this scientific discipline offers us a great chance to be informed about the latest happenings around us. With this, let’s understand the importance of statistics in our daily life.

Medical Studies and Research

Medical investigations involve investigating proposed medical treatments, evaluating the relative benefits of competing therapies, and constructing optimal treatment combinations. Researchers use statistics to come up with reasonable and accurate inferences from collected data and make wise decisions while keeping uncertainty in mind. So, the medical field will be less effective without involving statistics to draw any conclusion about drugs.

Predicting Diseases

Statistics helps scientists generate better estimates of how many people have illness right now, how many have died from it, and how many might get infected in the future. For instance, studies have shown that the risk of heart failure due to overweight is 13.9% in women and 10.9% in men. So, the statistic obesity is one of the major reasons for cardiovascular diseases and that if you want to have a good chance of avoiding it, you should stay fit and healthy.

Genetics

Apart from predicting epidemics you might get affected from in the future, statistics helps in determining the chances of a newborn being afflicted with the diseases that come from his genetic make-up. The statistics achieved through genetic tests can prompt lifestyle changes in the parents who could pass on their conditions to their children.

Weather Forecasts

The weather forecast that you see during a day is a result of statistics. The weather models that forecasters talk about are built using statistics that compare previous weather with current to predict future conditions of the atmosphere. Statistical forecast models are used to improve the results of dynamic forecasts at operational weather forecasting centers. Most of the statistical weather forecasting is based on the statistical procedure known as “least-squares regression.”

Political Campaigns

News organizations predict the winner for political elections based on the campaigns of each party. They consult their models which are built using statistics. Therefore, it can be concluded that statistics play a vital part in who will be your next government.

Insurance

In order to drive a car, you are required by the law to have his car insured. Similarly, your house must have insurance if you have a mortgage on it. The insurance rate that a company charges you is based on statistics collected from all the homeowners and drivers living in your area.

Stock Market

Stock analysts use statistical computer models to predict what is happening in the economy. The common statistics - Price to Book Ratio, Price to Sales Ratio, and Price to Earnings Growth Ratio can help investors choose which company they want to place their portfolio.

These points as mentioned above prove that statistics has a significant value in different areas and how it shapes our life when we don’t even know it. As a student, it's important for you to know the uses of statistics in everyday life as it can help you understand the core concepts of the subject and find employment in different sectors, including health & medicine, business & finance, sports, advertising, banking, politics, and many others.

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