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Planning is indispensable for achieving faster rate of growth through the best use of a nation’s resources. It also requires a good deal of statistical data on various aspects of the economy.
One of the aims of planning could be to achieve a specified rate of growth of the economy. Using statistical techniques, it is possible to assess the amounts of various resources available in the economy and accordingly determine whether the specified rate of growth is sustainable or not.
We know that the subject of statistics originated for helping the ancient rulers in the assessment of their military and economic strength. Gradually its scope was enlarged to tackle other problems relating to political activities of the State.
In the modern era, the role of State has increased and various governments of the world also take care of the welfare of its people. Therefore, these governments require much greater information in the form of numerical figures for the fulfilment of welfare objectives in addition to the efficient running of their administration.
In banking industry, the bankers have to relate demand deposits, time deposits, credit etc. It is on the basis of data relating to demand and time deposits that the bankers determine the credit policies. The credit policies are based on the theory of probability.
Biology, physics, chemistry, meteorology, sociology, communication, and even information technology all use statistics. For many of these categories, the use of statistics in that field involves collecting data, analyzing it, coming up with a hypothesis, and testing that hypothesis.
In biology, the use of statistics within that field is known as biostatistics, biometry, or biometrics. Biostatistics often involves the design of experiments in medicine, online pharmacy, agriculture, and fishery. It also involves collecting, summarizing, and analyzing the data received from those experiments as well as the decided results. Medical biostatistics is a separate branch that deals mainly with medicine and health.
Physics uses probability theory and statistics dealing mainly with the estimation of large populations. In fact, the phenomenological results of thermodynamics were developed using the mechanics of statistics.
There are further examples of statistics in these sciences fields including analytical chemistry, which involves the presentation of problems in data analysis and demonstrating steps to solve them. Meteorology uses statistics in stochastic-dynamic prediction, weather forecasting, probability forecasting, and a number of other fields.
Sociology uses statistics to describe, explain, and predict from data received. Like many of the sciences, communication uses statistical methods to communicate data received. Information technology also uses statistics to predict particular outcomes.
It is impossible to take out a ruler and measure the distance of the Earth from the sun. Unless, of course, you somehow manage to invent a suit that can survive the temperatures of the sun and design a ruler long enough to measure such a distance. However, it would likely take you a very long time to measure such a distance anyway.
Instead, astronomers use estimates and mathematical theories to devise their best guess to just how far items in the universe are away from each other. This is why when you read a news report that a star will likely be going supernova “any day now,” you have to understand that “any day now” could mean tomorrow, a year from now, or even ten thousand years from now.
A nation’s government runs on statistics. They use statistical data to make their decisions regarding any number of things. Most federal and provincial budgets are designed upon statistical data because it’s the most accurate data available when estimating expected expenditures and revenue.
Another great example of statistics in the government is figuring out whether or not to raise the minimum wage due to a rise in the cost of living. Statistical data gives the government the best idea regarding whether or not the cost of living will continue to rise.
Banks use statistics for a great number of the services they offer. A bank works on the idea that someone will deposit their money and not withdraw all of it later on. They earn their profit by lending money to others with interest, and the money they use is the money other people deposit.
Bankers use statistical approaches to estimate the number of people who will be making deposits compared to the number of people requesting loans. A great example of statistics used in banking is the FDIC’s own quarterly publication called Statistics on Banking.
Accounting involves mostly basic arithmetic, but when it comes to creating accounting reports, statistics plays a key role. When balancing and checking accounts, exactness is very important, but when using those reports to decide how well the company is doing and the trends within the business. You can also use statistics in accounting to create projections for the next fiscal year.
Much of economics depends on statistics. Economists use statistics to collect information, analyze data, and test hypotheses. Relationships between supply and demand and imports and exports are found using statistical information. The same can be said for figuring out the inflation rate, the per capita income, and even the national income account. A good example of statistics and economics in the real world would be the Census Bureau and the information they collect and use to decide many other political items.
It should seem obvious that statistics plays a key role in mathematics considering it’s a branch of applied mathematics. However, statistics is in more than just its own separate branch of math. You can find statistical techniques in integration, differentiation, and algebra, and you can find those in statistics as well.
Much of math is based on probability and theories, and statistical methods help make those mathematical theories that much more accurate. Using averages, dispersions, and estimation allows you to come up with conclusions that are closer to the real answer than just taking a wild guess.
Here are a few examples of statistics used in math:
As you can see, some of these are basic mathematics skills you might remember from elementary school. These are used in statistics.