Question

What are 3 examples of how statistics can be used in daily life and cite the different statistics concepts that apply to those examples?

Answer 1

The use of statistics in daily life:

1. Online shopping decisions

Now with the advent of so many online shopping portals we have so much information available. So in order to make an informed decision about which products to buy and when to buy the products, we can actually utilize the mean rating of the products along with the maximum and minimum prices, also factoring in the best days in which the discount is maximum in order to get the best deal on that product.

2. Mortgage payment calculations

Now one of the most fascinating fields of statistics is the calculations of present value and future value of cash flows. Using annuities we can easily estimate the monthly mortgage payments that would be required for a particular interest rates and time period. This would enable us to easily keep track and make an informed decision.

3. Selecting the best route to a place

Google maps uses real time traffic and utilizes optimization statistical techniques in order to tell the best route to any place which would take minimum time. Statistics are widely used in apps in order to enhance the consumer experience.

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