Statistics are very important in our life. They are basically a set of math equations used to analyze different things. Stats keep you informed about things that are happening around us. Why are statistics important? We live in an informational world and most of the information is determined by statistics. Generally, correct data is very crucial to get the correct and useful statistic concepts. We live in an informational age where numbers are used to understand a great deal about the world.
If you think statistics have no place in life, think twice. Here are some examples of how statistics have been involved in your life without even knowing it.
Used in weather forecast
Most people love watching the weather forecast right after the news. If you do not, you probably have it displayed on the screen on your smart phone. You will notice that the forecast talks a lot about weather models. The models are basically built using stats that compare the previous weather conditions and the current weather to predict weather in the future.
If you pay attention, you will also realize that you have seen or heard of statistics about diseases on the news. Mostly, they report the number of people who have or have dies for a disease. These are interesting facts but they may not seem to apply so much in your life. When statistics are involves, you get a better idea on the disease, if you are at risk and how I can affect you.
Used in medical studies
This is another basic way that statistics are used in our lives. Scientists are obligated to validate the effectiveness of a drug using statistics before it can be prescribed to anyone.
Many people are affected by certain diseases due to their genetic makeup. These diseases have a high potential of being passed down to the children. Through statistics, people can tell the chances of a new born being affected with the genetic disorders.
To drive a vehicle almost anywhere in the world, you must have some insurance. you need insurance for plenty of other things including your home. the rate of insurance charges is based on statistics of people who pay for these insurance types.
Business and company owners keep track of their sales using statistics. They are very important when analyzing information from different consumers. These statistics hep companies know if they need to increase or reduce or change a certain product.
Companies that make multiple products everyday must find a way of knowing if they are selling good quality items. Too bad they cannot test every item produced; they use some stats to test a few of the products. If the samples pass the test, they assume that all other samples are just as great.
Stock market and Betting
The stock analysts use computer based statistical models to tell the forecast on the economy. The same models can be use to predict a football game.
When it is election season, you will see news channels trying to predict the winner with some simple models. Behind that, is a statistical analysis that is conducted through polls to determine the campaign?