When I was a student, I used to think about the use of statistics in real life. At that time, I actually never understood the importance of statistics. But today, I am going to show you the application of Statistics in real life. Well, mathematics plays an important part in our daily lives, and statistics is a branch of mathematics that allows us to solve complex problems.
Statistics is the collection of data and its representation. We compare statistical data through mean, mode, and median. These statistical problems are usually based on facts and figures used to keep records, calculate probabilities, and analyse the data. Here are some examples that will help you understand the role of statistics in real life.
- Weather Forecasting
Most of us don’t know that Statistics helps to predict the weather. In fact, meteorologists depend on the power of statistics and scientific techniques to extract information and data. The data is collected through satellites, radars, barometers, atmospheric pressure, and other instruments located in water, land, and the atmosphere. Now, the collected data are combined with forecasting & statistical models to provide the weather forecasts that we see on our tablets and smartphones. Using statistics, data scientists compare former weather conditions with current weather to project future weather conditions. So, Statistics are very important for analysis, observation, and mathematical prediction models in forecasting future weather conditions.
- Stock Market
Do you know that stock analysts predict stock prices with the help of statistics? Technical analysis is a prominent way for analysts to forecast returns of particular stocks and it is primarily driven with statistics. For example, the historical share price and volume data provides analysts with certain trendlines (like head and shoulder trend) that help them estimate the future price of the stock. Many fundamental analysts also use statistical approach to forecast sales and profitability of the companies. If you are keen to have a career in stock markets, understanding statistics is very crucial. There are many online courses which help you learn statistics in an easy manner. You can enrol in any of such courses and also seek statistics homework help services to gain expertise in the subject.
- Political Campaigns
We don’t realize that Statistics does all the work around us. In a political campaign, the role of statistics is both critical and crucial. Statistics help media channels to develop the most current and accurate forecasts of the elections even before the results are out. Political parties spend a huge amount of money while campaigning. So, data scientists and statisticians drive this spending to collect and interpret data to inform and educate their audiences. Statistical information drives decision-making in public policy and represents statistics for a better understanding of the audience. It plays a critical role in interpreting data, election forecasts, campaigns, and exit polls.
- Quality Testing
In many companies, statisticians work on data to draw useful and actionable insights that help them achieve a competitive advantage by optimizing their operations and making better decisions. Given that every business decision is taken based on facts and expected trends, statistics plays a very crucial role in the field of quality improvement. Thus, the ability to make decisions based on data is something students should start learning at an early age. Generating insights from statistics can involve interpreting and analysing a large amount of data and numbers. So, it is imperative that a student should focus on mathematics also along with statistics. If you are finding it difficult to cope up with mathematics equations, you can seek immediate help from online experts who along with guidance also provide you help with your assignments. Just type “do my math homework online” on your google search engine and it shall direct you to all those experts.
Statistics involves the collection, analysis, classification, and presentation of data. In fact, without it, the whole sports industry would not make sense. In sports, data is analyzed from the past to identify weaknesses and rectify player’s mistakes. Then trainers and players work solely to improve from these mistakes. A proper understanding of the statistics determines the winner or loser. The data analysis and classification helps to choose the team to decide the winning team. Also, sports commentators use statistics to calculate the outcome of a game. Statistics help make a player’s payment by determining their performance according to the number of goals scored and games played.
Statistics in Education helps in the individual comparison of students. Every individual student has different intellectual abilities, interests, mental abilities, and intelligence levels. So, statistics help teachers to guide students effectively and efficiently. For example, if a student face problems with a mathematics subject, teachers can help them do well in that particular subject. Thanks to the Internet, students also don’t need to take much mental pressure and look for online do my homework services. These services will help you with your homework at very reasonable prices, and you can focus more on the learning part rather than taking unnecessary pressures.
- Medical Emergency
Statistics are even playing an important role in the medical field. With the help of statistics, statisticians get information about patients, treatments, and other major emergencies that helps in improving the quality and cost-effectiveness of medical services. The emergency medical services (EMS) collect information related to patient care, including clinical processes, payer information, costs, patient safety, and more. During a medical emergency, statistical data to predict the patient outcome from a particular disease. It also helps EMS providers to prepare more accurate bills, derive the value of specific tools and equipment, and improve safety for the whole medical industry.