WHAT IS STATISTICS ?

Statistics is the science and, arguably, also the art of learning from data. As a discipline it is concerned with the collection, analysis, and interpretation of data, as well as the effective communication and presentation of results relying on data. 

Statistics lies at the heart of the type of quantitative reasoning necessary for making important advances in the sciences, such as medicine and genetics, and for making important decisions in business and public policy. 

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Basic Uses of Statistics in Our Daily Life

Uses of Statistics in Economics

Statistics helps in the compilation, processing, dissemination, and analysis of economic data. As you have seen, economists criticize government policies on the negative side. But do you know how they do it? They do it with the help of statistical evidence that is obtained from various resources. Statistics help us to implement economic operations with ease. It is also one of the significant uses of statistics in our daily life because economics have a crucial role in our life.

Uses of Statistics in Machine Learning

Machine learning is the present, and it will be the future. Did you know that the foundation of machine learning is statistics? If you want to be good at machine learning, you should have a deep understanding of statistics. Machine learning uses most statistics concepts such as regression, correlation, modelling and many more. It also uses statistical hypothesis tests and estimation statistics. It also uses statistical algorithms to provide data insights and build the most powerful applications. 

Uses of statistics in Nursing

Nurses also rely on statistics to identify patterns in visual signs and symptoms. They use statistics to better respond to the patient’s conditions and medical status. Apart from that, they also use various statistics software such as MS Excel to maintain the frequency charts. In these charts, they document the timing of medication given to the patients and other records of the patients. Overall statistics help the nurses provide the best possible care to their parents and maintain their daily, weekly or monthly records. 

Uses of Statistics in Psychologists

It is pretty hard for most students to digest that statistics is also helpful in statistics. Yes, it allows psychologists to present data easier to comprehend. It means that it helps the psychologist visualize the data with the help of graphs, pie charts, scatterplots etc. Other than that, some statistics operations, such as frequency distributions, also help psychologists get better data patterns. In this way, they offer the best cure to their patients. 

Uses of Statistics in Cryptocurrency

Cryptocurrency is the most popular decentralized currency. It is a digital currency and also relies on statistics. The primary concept used in cryptocurrency is the standard error. Yes, you hear it right; cryptocurrency also uses various statistics concepts for its smooth operations. Cryptocurrency trading is also based on statistics.

There are plenty of traders around the world who invest in cryptocurrency, and for this, they use statistics to predict the cryptocurrency’s price. Apart from that, the cryptocurrency’s companies also perform various statistics operations for the smooth run of their crypto coin. The polarity of cryptocurrencies leads the significant uses of statistics in daily life.

Uses of Statistics in Education

Statistics is a crucial part of our education system. That is why it becomes one of the crucial uses of statistics in daily life. It is utilized to examine the progress of a class as compared to students of other courses. With the help of statistics, teachers can analyze each student’s performance individually. A detailed analysis is always crucial for understanding why a particular student lacks in education and what actions to take to improve it.

Teachers can utilize statistical techniques to determine education methods to help an individual student. The mental ability, intellectual ability, and interests of each student vary. Based on these qualities of an individual, the teacher should provide separate guidance to the students, and this advice must be as per the statistics.

Conclusion

This blog has provided information about what is statistics, and what are the uses of statistics in real life.

Now you may be aware of the uses of statistics in daily life. It is nourishing our everyday life and helping us to make effective decisions.