Question

Present & essay :

‏Investigating the major uses of the statistics in the following fields

‏1- finance

‏2- economics

‏3- management

‏4- marketing

Note: the answers should be Typed in word document - in Details - Please do not copy and paste

Answer 1

1) Finance:

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and financeindustries.

Business analytics is a rapidly developing business process that applies statistical methods to data sets (often very large) to develop new insights and understanding of business performance & opportunities.

Statistical finance, an area of econophysics, is an empirical attempt to shift finance from its normative roots to a positivist framework using exemplars from statistical physics with an emphasis on emergent or collective properties of financial markets.

2) Economics:

Much of economics depends on statistics. Economists use statistics to collect information, analyze data, and test hypotheses. Relationships between supply and demand and imports and exports are found using statistical information. The same can be said for figuring out the inflation rate, the per capita income, and even the national income account. A good example of statistics and economics in the real world would be the Census Bureau and the information they collect and use to decide many other political items.

3) Manangement:

A nation’s government runs on statistics. They use statistical data to make their decisions regarding any number of things. Most federal and provincial budgets are designed upon statistical data because it’s the most accurate data available when estimating expected expenditures and revenue.

Another great example of statistics in the government is figuring out whether or not to raise the minimum wage due to a rise in the cost of living. Statistical data gives the government the best idea regarding whether or not the cost of living will continue to rise.

4) Marketing:

If you’re a business major, you’re familiar with the role statistics plays in your field. However, if you haven’t gotten to that point yet, here’s some information on statistics in the business field. Statistics involves making decisions, and in the business world, you often have to make a quick decision then and there.

Using statistics, you can plan the production according to what the customer likes and wants, and you can check the quality of the products far more efficiently with statistical methods. 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.

If you still don’t see the connection to statistics and business, check out this short list of examples:

• Condoms are effective 94% of the time.
• 4 out of 5 dentists recommend Dentine.

These are examples of marketing phrases that businesses will use to make their product sell. These involve the use of statistics.