Example: This distance of the moon from the earth is measured. The study of computer applications is next to impossible without maths. CBT are different programs that are supplied on CD-ROM. Artificial intelligence is an obvious application, but thereâs a lot more than that too. Different governmental policies are based on statistics. (2) Statistics helps in the proper and efficient planning of a statistical inquiry in any field of study. Uses of Computers in Education. For example an ongoing case, the Ebola virus. Now statistics holds a central position in almost every field, including industry, commerce, trade, physics, chemistry, economics, mathematics, biology, botany, psychology, astronomy, etc., so the application of statistics is very wide. Sociology uses statistics to describe, explain, and predict from data received. There is an 80% chance that in a room full of 30 people that at least two people will share the same birthday. Statistics helps in describing these measurements more precisely. One can interact with friends over social media websites like Facebook, Twitter & Google Plus. (d). To different degrees, the social sciences are also embracing the tools of the mathematical sciences, especially statistics, data analytics, and mathematics embedded in simulations. Meteorology uses statistics in stochastic-dynamic prediction, weather forecasting, probability forecasting, and a number of other fields. Difference between inferential and descriptive statistics is explain with interesting examples. for the formation of suitable military and fiscalpolicies. 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. The word ``statistics`` has various meanings, all of which are important to us. However, if you havenât gotten to that point yet, hereâs some information on statistics in the business field. Application of Regression in real-life problems. A number of specialties have evolved to apply statistical and methods to various disciplines. However, statistics is in more than just its own separate branch of math. 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. This includes fatigue, for example. You can also brush up on your probability by reading this article, Create a business plan with this online class, Take a workshop on probability and statistics, Learn financial accounting online with this class, Learn investment banking with this online class, Learn about risk management with an online class, How to Become a Project Manager: A Step-by-Step Guide. statistics is the pillar of research in any filed namely marketing, human resource, finance, operations, or in day to day life. Ø Inferential statistics is the application of statistical theories to analyze the research problems. Descriptive statistics deals with the presentation and collection of data. Different department and authorities require various facts and figures on different matters. With the help of new input sensories, the robots continuously update themselves and give priority to the current actions. Accounting is impossible without exactness. It is used to understand measurement systems variability, control processes for summarizing data, and to make data-driven decisions. For example, workplace accident prevention policies are developed based on compiled data related to the risk factors present in the business activity. In fact, many business activities can be completed with statistics including deciding a new location, marketing the product, and estimating what the profit will be on a new product. MDPREF Statistics is the mathematical science involving the collection, analysis and interpretation of data. Descriptive Statement From 41.9% of GDP in 2018, the debt burden is projected to decrease to 38.8% by 2022. Thus, it can be seen that all business activities are based on statistical information. In auditing, sampling techniques are commonly used. Hospitals and other large provider service organizations implement data-driven, continuous quality improvement programs to maximize efficiency. Sophistication of these statistical methods goes a long way in enlightening the marketer about multiple aspects of marketing that aid him in the decision making process. The correction of the values of current assets is made on the basis of the purchasing power of money or its current value. 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