# Statistics is the science of the collection, organization, and interpretation of data.

It deals with all aspects of this, including the planning of data collection in terms of the design of surveys and experiments.Statistics deal with frequency distribution. It is used to compare twoor more frequency distribution taken from different population to see if there are any differences between them. Statistics is a branch of applied mathematics that involves collecting and organizing data for interpretation and the prediction of future behavior or results. The word statistics can either be singular or plural. When it refers to the discipline, "statistics" is singular, as in "Statistics is an art." When it refers to quantities (such as mean and median) calculated from a set of data, statistics is plural, as in "These statistics are misleading." The growing complexity of human endeavors in recent years has definitely increased the importance of statistics. Businessmen and economists consider statistics as a vital tool in planning and controlling production and distribution of goods and services, in formulating policies, and in forecasting business trends. Farmers and fishermen knowingly or unknowingly use statistics in comparing their outputs as affected by various factors. Similarly, the teachers make use of statistics in the computation and analysis of the students' academic performance. Indeed, the use of statistics is boundless. The word "statistics" comes in various definitions, but not one could be regarded as complete and absolute. It has been frequently referred to either as the quantitative or numerical information itself or the methods of dealing with the information. To facilitate understanding, many statisticians prefer the term "statistical data" for quantitative information and the methods of dealing with the information the "statistical methods." Introduction to the importance of statistics in daily life Statistics plays a very important role in the daily life of humans. There is so much in common with human behaviour and statistical methods. Statistical methods are so closely associated with human actions and behaviour that practically all human activities can be explained by statistical methods. Statistical methods are common ways of thinking and they are used by all types of people.

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It is inevitable to buy things in daily life. When we wish to buy a car, scooter , refrigerator or washing machine we go through the price lists of various manufacturers and their products to arrive at a decision. The applications of statistics in daily life is so numerous that it is often stated " statistics is what statisticians do ". Businessmen, individuals , government etc., collect statistical data required to carry out their activities effectively and efficiently. Statistics is such a main key to solve problems of mankind in almost every field. Many of us use statistics consciously or unconsciously in taking decisions. Statistics is widely used in education which is most necessary part of the future of any country. Research has become a common feature in all branches of activities. Statistics has already made

the percent of the market they hold in dollars and total amount of dollars and units sold in the their industry. Keeping track of the gross domestic product (GDP) enables the government to determine whether expenditures in business and various industries are increasing or decreasing each quarter. References y y y y Univerity of Baltimore: Statistical Thinking for Managerial Decisions Investor Guide: Leading Economic Indicators Explained: Investor Guide Business: Market Research U. Statistical knowledge is very essential for a good citizen of any country. Bureau of Labor Statistics: Actuaries .S. Actuaries plug in massive amounts of statistics to derive the likelihood of certain illnesses or injuries occurring in a person's life based on the age and occupation. in turn. The importance of statistics to industry and business is highly evident when companies measure market share and market potential. Statistics are important in business and industry for companies to develop sales forecasts one.radical changes in business activities and a promoter of any business is greatly helped with statistics. Productivity. The government uses statistics to measure the ongoing economic indicators that greatly affect business and industry. retail sales and unemployment statistics help the government determine if there is an impending recession on the horizon. All activities in daily life of human beings are connected with statistical data. or if economic conditions are improving. Companies use marketing research agencies to conduct quantitative research with consumers for new and existing products. Companies can then modify or improve their products. There may be no better example of the importance of statistics to industry and business than life insurance premiums. in turn. These figures are used to determine rates for millions of people across the country Conclusion on Importance of Statistics in Daily Life Statistics has universal applicability. hire additional sales reps and procure the necessary resources to attain these forecasted sales targets. Most businesses and even competitors in a certain industry use sales forecasting statistics to develop their business and marketing plans. use these current statistics to examine and develop marketing strategies to increase their market share The importance of statistics to industry and business is often reflected in the use of various marketing research techniques. use life expectancy statistics to determine the amount to charge people for their life insurance premiums. expenditures on durable goods. A company can. They. usage and success of these products. two and even five years in the future. Models can then be developed from the data to derive potential trial.

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