Question

Importance and Relevance of Statistics in Your Life

The purpose of this week's discussion topic is to get you thinking about the importance and relevance of statistics in your professional and/or personal life. Please answer the following three questions.

How do you use statistics in your life either at work or for pleasure?

Can statistics be manipulated for those who really understand the subject matter? If so, how? If not, why not?

Has anyone misled you using statistics?

Answer 1

Q.: How do you use statistics in your life either at work or for pleasure?

Ans:

In our work every minute , we make on our businesses . In our business decision making statistics is very useful in determining whether some companies will get  profit and growth or whether they will get loss and die after analysising business data.  These decisions are made on the basis of data obtained from the market, economic or finance. Statistics provides the tool and methods through which such data are analyzed and presented to obtained meaningful  decision regarding to our business. We get pleasure if our company gets profit and growth based on our decisions made.

Some examples of decisions making areas are follows

(1). TNS Retail ShopperScape put a survey and gathered the information the average amount
spent by a shopper on electronics in a four-month duration is $500 at Circuit City,
$604 at Best Buy, $300 at Wal-Mart, $200 at Target, and $150 at RadioShack.
(2) . An information obtained from 1465 workers from Hotjobs is that 60% of workers believe that the
quality of their work is same as when they work remotely and when they
are physically in the office.
(3) An information based on  477 executive members by Search Consultants is that
60 % of men and 70% of women say that they like to  travel less than ten years ago they use to travel.

(4) A College survey of 320 recent graduates states that 55% like to move back home after college and 45% like to remain at
home for more than half a year.

Q.: Can statistics be manipulated for those who really understand the subject matter? If so, how? If not, why not?

Ans: Yes it is very less likely to manipulate the statistics for the person who really knows subject matter.  It can be manipulated when we make decisions on a daily work such as advertisers, politicians anyone else  who wish to profit his business. Because they wrongly evaluate claims of facts.

Correlation does not fit correctly always for example if we consider that more people who are vegetarians become college graduates because it dose not mean that if we are vegetarian then we will be a college graduate It actually means that a vegetarian more likely would be a college graduate. Another example we can take that crimes occur in the session of heat waves than that cold session from this information if we make decision that lower crime causes the increases heat then it will be totally meaningless. So when we make decisions on the basis of two things then those two things may not relates other.

Q.: Has anyone misled you using statistics?

Ans.: Yes Suppose If we are a Data Scientist or Analyst the it is very likely that statistics can misled us because Statistics are not absolute truth Statistics can be manipulated and manipulated statistics can misled us that is why we misled using statistics  for example Media and Advertising companies use to to play with Consumer Psychology.