What Is The Importance Of Statistics In Our Daily Life?

Statistics play an important role in almost area of life now a days but in the field of economics that affects our lives the maximum statistics play a vital role. This role lies in the fact that economics depends upon statistics in connection with the formulation of economics laws and theories. There are mainly three reasons for its dependence:

Firstly, the economic laws relate to masses and tend to describe the behaviors of thousands of people. Statistics help in describing that behavior.

Secondly, economic laws can be stated in a scientific way only when based on statistical data. The example consists of the laws of supply and demand.
Thirdly, an economic phenomenon cannot be subjected to experimentation, for this reason the method of study is to be statistical rather than experimental.


In order to make planning realistic in any economy the objectives are set in quantitative terms. Statistics help in visualizing the target quantitatively and evaluating the achievements. This in turn helps in our decision making in every field which includes business and other finance decisions as well.

Statistics helps in drawing general conclusions and in making predictions of how much of a thing will happen in given condition. Statistical techniques being powerful tools for analyzing numerical data, are used in almost every branch of learning. In biological and physical science, genetics, agronomy, anthropometry, astronomy, physics, geology etc are the main areas where statistical techniques have been developed and are increasingly used. Statistics is used in summarizing the largest sets of data in a form that is easily understandable. Statistics is an effective planing in any field of inquiry.

There are a lot of ways.For example, I work at Subway and let's say I want to find out what are most popular sandwich is. I would start by keeping track of the number or which sandwich is sold every day for one month. Then I could make a graph like a bar or pie graph and see which one we sold the most of. That's statistics! Yay!  Basically just keep track of information and put it all together in some kind of graph and find out what you want from the graph.

Statistics is used in summarizing the larger sets of data in a form that is easily understandable. Statistics assists in a effective planning in any field of inquiry. A modern administration whether in public or private sector, leans on statistical data to provide a factual basis for decision. A social scientist uses statistical methods in various areas of socio-economic life of a nation. Statistical techniques being powerful tools for analyzing numerical data, are used in almost every branch of learning. With the help of statistics we can draw general conclusions. A business man, an industrialist and a research worker all employ statistical methods in their work. Furthermore, in election polling, systems are also based on statistical methods.