What are the uses and abuses of Statistics in the 

real world? Give specific

examples and provide pieces of evidence
Math, particularly statistics, is an important element of everyone's life. Statistics is a field of
mathematics that we use to examine what is going on in the world around us. It is the collection and
representation of data. Statistics use the mean, median, and mode to compare data. We've all heard
that we live in the information era, in which we deal with the outside world. The majority of the data is
derived through statistical analysis. Statistics is used to organize, summarize, display, and/or analyze
data, with the goal of approximating the behavior of a population by examining samples chosen from
that group, testing hypotheses, finding variable correlations, and generating predictions based on
current data. Some instances of the function of statistics in real life are given below.

- Consumer Goods

Retailers use statistics to keep track of everything they sell and to maintain track of their inventories.
Statistics are commonly utilized in consumer goods items. Leading retailers across the world use
statistics to calculate what products ship to each shop and when. The reason for this is because
consumer goods are things that are utilized on a regular basis. The company uses statistics to determine
whether or not consumer goods are available in the shop. They also utilize data to determine which
stores require consumer goods and when to ship them. Even sound statistical judgments aid the
company in generating large amounts of income from consumer products.

- Insurance

Insurance is a huge business. There are many different types of insurance, such as auto insurance,
motorcycle insurance, life insurance, and so on. Insurance premiums are calculated using statistics.
Insurance firms rely on data gathered from a variety of sources, including homeowners, drivers, car
registration offices, and others. They collect data from all of these sources before determining the
premium amount.

- Financial Market

The financial market is wholly dependent on the financial market. Statistics are used to compute all of
the stock prices. It also assists the investor in deciding whether or not to invest in a certain stock. It also
aids corporations in managing their finances in order to conduct long-term operations.

- Robotics

In the discipline of robotics, statistics has a variety of applications. In this discipline, several approaches
like as EM, particle filters, Kalman filters, Bayesian networks, and others can be used. By calculating the
probability density function value, the robot always perceives its current condition. The robots
constantly update themselves and prioritize existing activities with the assistance of fresh input sensory.
Aside from that, robots may compare estimated and real values and operate in accordance with the
latter. As a result, statistics may be said to be a key parameter employed in robotics.