Reasons Why Statistics Are Important

Statistics are indeed a set of mathematical equations that we need and utilize to analyze things and events in our everyday lives. It keeps us well informed about what is happening and how much is happening in the world and at what pace as well. Statistics is the main reason we even know the population of the planet, or how much money a movie makes when it is in theatres, how many views a YouTube video gets, I could literally go on for pages about the real world application of statistics. We use this information and actually have jobs relating to statistics, jobs like statistical analysts, statistical data collector and many more. Below I have mentioned some reasons why statistics is important to us. If you need access for more info check some reliable site which will provide you with all the information that you need.

Statistics Graph

A lot of people watch weather reports and forecasts. I am sure they have never thought to wonder where they even get this information. Computers have statistical technologies that make estimations and give out a result and then the weather reporters, come out and report it on the news. The forecasters actually take in these reports using machines that are designed to make predictions about the weather. They compare prior weather conditions to current conditions and then make predictions about future conditions.

Researchers largely use statistics because they use the data to make relevant observations and predictions relating to their work. The relevance of data is incredibly important because if it not, it may result loss of other data, money and also a lot of time; because if data is misinterpreted, it would take a lot of time and effort to correct the mistakes that have already been done.

Everybody has some kind of insurance, don’t they? It can be medical, home, car, etc. Based on an individuals’ application, most businesses use statistical models so that they can calculate the risks when giving them insurance. This is why most insurance companies do not grant insurances to people who have a medical history filled with multiple illnesses. The statistical data may show that they may fall badly sick again and may need a huge insurance pay-out.

Statistics undoubtedly plays a huge role in the field of medicine. Before the drugs are prescribed, a pharmaceutical company must show how statistically valid the drug can be when it comes to effectiveness on the human body. Statistics are always behind most of the studies in the medical industry.

Every day in our lives, we make use of statistics without even realizing it. We unconsciously use it for things like how much sugar we put in our coffee, how much milk is required for the cereal that we have poured out, how much fuel we need to get to work, how much food we need to get through the day.