Gabriel E.

Hernandez GEADDPDS
BSECE 2 Prof. Magdalena Errazo

What are the applications of statistics in the different fields ?

Statistical analysis is the study of data collection, analysis, organization, and interpretation.
It is essential in all aspects of human activity. They are numerical facts that are used to depict and
hypothesize on the samples using logical reasoning. The preceding phrases clearly show that the
academic discipline has a broad application in real life.

What Role Do Statistics Play in Everyday Life?

The subject is important in many aspects of life and has numerous practical applications. It
is used to determine the following, for instance: Per capita income, Unemployment, Population
growth rates, Housing, Schooling medical facilities
Many researchers and promoters use this information to sway their findings. Statistics now
have a central position in practically every sector, including industry, commerce, trade, physics,
chemistry, economics, mathematics, biology, botany, psychology, astronomy, and so on, and
hence the use of statistics is highly recommended. It primarily aids in the classification,
organizing, and summation of data, as well as the formulation of conclusions. Students are now
looking for dissertation help in the UK on this topic, as it is the most popular at the moment.

Statistics has a wide range of applications; therefore, let us look at some of the most
common ones:

Mathematics: Mathematical formulas are dependable, but statistics approaches are

necessary for greater precision and exactness. In reality, it is known as the branch of
applied mathematics. Both fields have taken common approaches from each other, such
as statistical procedures, such as probability, dispersion, and so on, used in math, and
mathematical ideas such as integration and algebra used in the former.

Business: Business students must be aware of the significance of statistics in the

profession. There are occasions when a businessman must make quick decisions, which
can be accomplished by utilizing its concepts, which facilitate decision-making. Through
it, he strategizes marketing, finance, production, and resource management. What are the
 tastes and preferences of consumers? What should the quality be? What should the target
market be? All of these questions are solved utilizing statistical methods.

Economics: There are some economic concepts that are entirely based on statistics. It
interprets all data collected to determine national income, employment, inflation, and so
on. This course actually studies the theory of demand and supply, as well as the link
between exports and imports. The census is a prime illustration of this; the bureau utilizes
its formulae to calculate a country's population.

Country’s Administration: Many national policies are made using statistical approaches,
and administrative choices are made utilizing the data. Statistics give the most reliable
data, which assists the government in developing budgets and estimating expenditures
and income. It is also used to alter employee pay scales as the cost of living rises.

Astronomy: When scientists measured the distance between the sun and the earth, or
between the moon and the earth, they did not utilize a measurement scale or ruler. These
statistical tools aided them in obtaining the best feasible responses and estimates. It is
difficult to estimate the mass, size, distance, and density of objects in the cosmos without
error, but statistics formulae do it with the greatest likelihood.

Banking: When someone puts money in a bank, the expectation is that he would not
withdraw it anytime soon. As a result, banks lend this money to other customers in order
to earn a profit in the form of interest. For this service, they employ a statistical
technique. They compare the number of persons making deposits to the number of people
requesting loans, as well as the projected day for the claim.

Accounting and Auditing: Although accounting requires precision in determining a

company's profit and loss, certain judgments can be made based on approximation, which
is accomplished using statistics. For example, because sampling does not require
precision, it can be used to determine current market trends.

Natural and Social Science: Statistical approaches are used in almost all branches of
science, including biology, chemistry, and physics, to conduct experiments and analyze
the results. It is used in biology for biostatistics and biometrics, which involves research
into medications, pharmacy, agriculture, and fisheries, among other things.
In the same way that probability theory is utilized in physics to estimate a huge population,
thermodynamic results use statistical methods.
 Sociology is also concerned with the analysis and interpretation of data, as well as the
testing of hypotheses.
Statistics is a broad science with several applications in sectors relating to daily human
activity. Other examples include weather forecasting, information communication, data analysis,
and so on. If you are a statistics student, you can choose your topic of study based on your
interests.
References:

http://www.assignmentdesk.co.uk. (2022). Application of Statistics in Different Fields -

Assignment Desk. Assignmentdesk.co.uk; AD.

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statistics#:~:text=Statistics%20is%20a%20varied%20subject%2C%20and%20there%20ar

e,want%20to%20opt%20for%20according%20to%20your%20interest.

The Importance of Statistics in Many Different Fields - Udemy Blog. (2021, July 15). Udemy

Blog. https://blog.udemy.com/importance-of-statistics/

Wikipedia Contributors. (2022, March 4). List of fields of application of statistics. Wikipedia;

Wikimedia Foundation.

https://en.wikipedia.org/wiki/List_of_fields_of_application_of_statistics