Statistics plays a vital role in every field of human activity. Statistics helps in determining the existing position of per capita income, unemployment, population growth rates, housing, schooling medical facilities, etc., in a country.
(1) Business
Statistics helps businessmen to plan production according to the taste of the customers, and the quality of the products can also be checked more efficiently by using statistical methods. Thus, it can be seen that all business activities are based on statistical information.
(6) Accounting and Auditing
(1) Business
Statistics helps businessmen to plan production according to the taste of the customers, and the quality of the products can also be checked more efficiently by using statistical methods. Thus, it can be seen that all business activities are based on statistical information.
(2) Economics
Economics largely depends upon statistics. National income accounts are multipurpose indicators for economists and administrators, and statistical methods are used to prepare these accounts. In economics research, statistical methods are used to collect and analyze the data and test hypotheses.
(3) Mathematics
Statistics helps in describing these measurements more precisely. Statistics is a branch of applied mathematics. A large number of statistical methods like probability averages, dispersions, estimation, etc., is used in mathematics, and different techniques of pure mathematics like integration, differentiation and algebra are used in statistics.
(4) Banking
Statistics plays an important role in banking. Banks make use of statistics for a number of purposes. They work on the principle that everyone who deposits their money with the banks does not withdraw it at the same time. The bank earns profits out of these deposits by lending it to others on interest. Bankers use statistical approaches based on probability to estimate the number of deposits and their claims for a certain day.
(5) State Management (Administration)
Statistics is essential to a country. Different governmental policies are based on statistics. Statistical data are now widely used in making all administrative decisions.
(6) Accounting and Auditing
In auditing, sampling techniques are commonly used. An auditor determines the sample size to be audited on the basis of error.
(7) Natural and Social Sciences
Statistics plays a vital role in almost all the natural and social sciences. Statistical methods are commonly used for analyzing experiments results, and testing their significance in biology, physics, chemistry, mathematics, meteorology, research, chambers of commerce, sociology, business, public administration, communications and information technology, etc.
(8) Astronomy
Example: This distance of the moon from the earth is measured. Since history, astronomers have been using statistical methods like method of least squares to find the movements of stars.
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