Question

In today’s global economy, anyone can access a vast amount of statistical information. The most successful managers, scientists, social scientists, politicians, law enforcement, etc. understand the information and know-how to use it effectively. As you begin to explore statistics, you will need to understand and be able to interpret basic statistical information. Based on your knowledge at this time, discuss how you have used statistics in the past or how you use statistics now. Identify specific areas statistics can be used in your field and discuss why.

Answer 1

Statistics are being used in every possible field nowadays, whether medical, weather forecasting, quality testing, or the stock market.

1) Medical Study

Statistics are being used in the medical field. It helps doctors to track the baby if the baby is in the state of mental development or not. Doctor's also used statistics to calculate the effectiveness of all the treatments.

2) Weather Forecasts

Statistics are very important for observing, analyzing, and predicting mathematical models. Weather forecasting has been done using statistics; it compares the previous data of the weather to predict future weather.

3) Quality Testing

A company uses quality checks with the help of statistics as it is not possible for the companies to check all the products they produced.

4) Stock Market

The stock market uses statistical computer models for stock analysis. Stock analysts produce information about the economy using statistics concepts such as normal distribution, or data analysis.

My field is stock market and statistics is being used in it a lot to analyse the market, predicting