Application & Uses If Statistics In Other Fields, Can You Help?

Question

Application & Uses If Statistics In Other Fields, Can You Help?

2 Answers

Answer Question

Answer 1

The uses of applied statistics is to predicting the business trends according thier occurence during the time place and state .
Statistics works like a science which gives the more information in type of data .through that data we can forecast the future .
Now a days statistics is widely used for computation, analysing ,and interpretations in the field of economics and business even in social sciences ,
statistics provide the numerical data like wages , income , expenditure of firms, health rate ,education rate , un-employment rate as more and it also helps in decision making process ,
I think at least on course in statistics is necessary for each social and common people,

ARSLAN HYDER SAHTO
BS -III SATATISTICS

Answer 2

Statistics is used in variety of fields to draw inferential patterns from the sets of data. The field in which statistics are widely used include: Banking and Finance, Nursing, Geographic Information Systems (GIS), Information Technology, analyzing stock prices trends in a stock market, Market Analysis, Marketing (by using statistics for keeping records for the customers), Sales forecasts, Economics, Data Mining, Data Warehousing, Engineering, Product development (by forecasting demand and Production units to be produced by the Manufacturing unit). Insurance companies use various statistical procedures to calculate annuity and premiums which is the core processes in their businesses. The use of statistics is highly acclaimed in the field of risk management which is quite burning concern of the organizations. Hence statistics is present in every field and is used by wide variety of people and organizations for performing their core processes in an effective manner.