Question

Outline 10 reasons why statistics are important in our life. Give examples.

Answer 1

10 reasons why statistics is important:

1. Weather forecast: there are some statistical model build in the computer through which weather forecast is done by experts. Example: when some heavy depression occurs above the ocean we are instructed beforehand what to do or where to go not to go. The places which can be affected heavily all are known beforehand. These is done through weather forecasting using those models.

2. Save of time and labour: statistics is mostly used by researchers. They use their statistical skills to collect relevant data. Otherwise it may take more money or time for collecting same amount of data. Example: there are some special statistics formula or theory through which statistician collect data for different purposes. Otherwise If a layman would do this then it take more time and money.

3. Predicting disease: maximum times we see that the reports regarding any disease are reported as its statistics. Because if the normal data is reported then the data will not much affect our life hence we may not be aware of it. But when statistics involved we would have a better and a clear idea about that disease. Example: studies have shown that 85 to 90 percent lung cancer occurs due to smoking .this data gives us the idea that most of lung cancers are related to smoking. But if we are told that smoking causes lung cancer then people will not be aware that much.

4. Medical studies : before any drugs are prescribed by the doctor he should be visited the statistics of the effectiveness of that drugs. Example: suppose any medicine manufacturer comes and tell the doctor to prescribe a particular to his patients for more profit. But that drugs have no effect on patient. Then there is no meaning to prescribe it to patient. Hence the dr should visit the statistics of that medicine beforehand

5. Genetics : many people affected by diseases which are comes from their Genes and these diseases can potentially be passed to their children. Statistics measure the chance that how much a new born baby will have that disease. Example : suppose a person have some skin disease then statistics measure the probability that how much his child will have that disease. If it's near to 1 then we can say the chance is high and if it's near to 0 then we will say that there is very low chance to have that disease.

6. Political campaign: political parties uses statistical model to see how is their present position in the society and how much is the possibility to win in the election. Example : whenever election is nearby we can see news channels or media shows all time what part's winning chance is how much. They all use some statistical model to predict the chance

7. Insurance policies: insurance company selected their charges based on statistical model. Example: You know that in order to drive your car you are required by law to have car insurance. If you have a mortgage on your house, you must have it insured as well.

8. Quality testing : a company makes 1000 of products everyday. It is not possible for them to inspect all the products to see their longevity or their productivity. Hence they sample only a few products according to some rule and inspect them..if they passed a few criteria then we say that lot of product is appropriate for sell. Example: for bulb making producer select only few bulbs and test their longevity

9. In everyday life, we make any predictions. For examples, we keep the alarm for the morning when we don’t know that we will be alive in the morning or not. Here we use statistics basics to make predictions

10. In the financial market also statistic plays a great role. Statistics are the key to how traders and businessmen invest and make money.for example : if someone want to start a new business so from the experience of other businessman of that product he can have idea that how much money he should invest to do profits.