Essentials of Statistics

In early days, it was used only of the collection of the information of the population of the state military. But in the modern time it is used in almost all aspects of human related activities. Statistics is the study of numerical information, which is called data. People use statistics as tools to understand information. Learning to understand statistics helps a person react intelligently to statistical claims. Statistics are used in the fields of business, math, economics, accounting, banking, government, astronomy, and the natural and social sciences. Statistics play an important role in business. A successful businessman must be very quick and accurate in decision making. He knows that what his customers wants, he should therefore, know what to produce and sell and in what quantities. Statistics helps businessman to plan production according to the taste of the costumers, the quality of the products can also be checked more efficiently by using statistical methods. Statistics play an important role in economics. Economics largely depends upon statistics. National income accounts are multipurpose indicators for the economists and administrators. Statistical methods are used for preparation of these accounts. In economics research statistical methods are used for collecting and analysis the data and testing hypothesis. Statistical plays a central role in almost all natural and social sciences. The methods of natural sciences are most reliable but conclusions draw from them are only probable, because they are based on incomplete evidence. Statistical helps in describing these measurements more precisely. Statistics play an important role in banking. The banks make use of statistics for a number of purposes. Accounting is impossible without exactness. But for decision making purpose, so much precision is not essential the decision may be taken on the basis of approximation, know as statistics. The correction of the values of current asserts is made on the basis of the purchasing power of money or the current value of it. Statistics plays a vital role in almost all the natural and social sciences.