Importance of Statistics in Diff, Fields

1.    Statistics and Business. Statistics plays an important role in business. It helps the business to plan production according to the tastes to plan production according to the quality of products is checked by using statistical methods. It also enables the businessman to judge the efficiency of new production methods by studying the relationship between costs and the methods of production.

2.    Statistics and Banking Statistics plays a vital role in the field of banking providing up to date knowledge statistics, by giving information about calls for withdrawals helps bankers to know how much idle money will be left with them which they can lend and earn profit.

3.    Statistics and Insurance. Statistics plays an important role in the field of insurance. i.e. the insurance companies fix the rates of premium on the basis of estimated interest rates for the future and the mortality experience is the past statistical date are used to find the death rates in the past and the state methods are used to estimate the rate of interest for coming times.

4.    Statistics and Mathematics. All statistical methods have their foundations in mathematics. No calculation work can be done without using mathematics. That is why mathematics is widely used in statistics. The branch of statistics relating to mathematics is known as mathematical statistics.

5.    Statistics and Physics and Chemistry. Physics have developed their own stat-methods like ‘Quantum Statistics’ has given new idea to the qualities of laws of nature. Statistical concepts are widely used in some modern chemical theories. In newly developed science of Bio-Physics and Bio-Chemistry, we are required the measurement to check the variability of material. Stat- methods are used to analysis the experimental results and test their significance.

6.   Statistics and Astronomy. Astronomers made use of statistics in 16th century. They applied it to compile records regarding the motion of heavenly bodies for the predictions of eclipses and positions of stars.

7.    Statistics and Meteorology In meteorology statistical principle and methods are used in weather forecasting. Meteorologists have to called and analyze data which are complex in nature and are affected by some un control able factors. Use of some stat techniques help in saying something about the future events.

8.   Statistics and Biology. Stat-methods are widely used in Biology for the measurement of living organisms like human beings animals, plants etc. important branch of Biology, Genetics seeks to explain the resemblances and differences among organisms due to their descent stat-methods. In medical field stat- methods enable us to test the effectiveness of different treatments and medicines.

9.    Statistics and Economics. Stat-data and stat-methods help to study the economics problems and provide valuable solutions to these problems. They also help the policy-makers to formulate the economic policies. It is statistics which provides a systematic study of markets, law of prices based on supply and demand etc. In economic research stat-methods are used for collecting, analysis the data and testing the hypothesis.

10.           Statistics and Sociology. In sociology, statistics is used to collect data on various aspects of society and stat-methods are used in analyzing data interpreting the results. e.g. in population censuses data on economics and social status of the people are collected social surveys are conducted to find the state of unemployment housing facilities, causes of crimes, children problems etc. statistical methods are used at every stage.

11.           Statistics and Psychology. Statistics plays an important role in Psychology and education. In experimental Psychology a problem is situated by using a sample. A good sample is selected with the help of statistics. Stat-methods are used to analyze the experimental data and to draw valid conclusion from it. In applied Psychology, various tests are conducted to measure the intelligence and the aptitudes for various jobs and assignments, stat-methods are used of test the reliability of such tests.

12.           Statistics and Policies. All government policies are based on statistical information. Example. In order to decide how many new schools and colleges should be opened data about school and college going population and the number of schools and colleges already working and the trend in the growth of population and towards education are necessary. Thus statistics are the back bone of government Policies.

13.           Statistics and Agriculture Statistical methods help to study the comparison of various variables seed or fertilizers. Many agricultural problem solved by applying some suitable statistical technique. Agricultural statistics are also help to make proper planning and for meeting future food requirements.

14.           Statistics and Administration. Statistics plays a useful role in the field of administration. A modern administrator whether in public or private sectors mostly depends upon statistical data. Preparation of budget is impossible without statistical records. In Pakistan all the ministries and Govt. departments depends on statistical data in performing sound and effective planning.

15.           Planning. Statistics is essential for planning. All planning is based on information which is statistical in nature. Moreover the objects and target of planning are to be stated in numbers which are statistical in nature.