Applications of Statistics

Statistics, which exists multiple clearly defined fields and is used for different areas, acquires the position of an important factor. Some of the significant applications of statistics include:

• Scientific Research: Statistics identifies its prominence in scientific research, understanding, and analyzing data. It assists, researchers, in, for e. g. , drawing, meaningful inferences from, experimental results, testing, the hypotheses, and make, informed decisions.

• Business and Economics: Businesses have come to realize the fact that statistical methods as a tool of trade are quite useful to them in the field of market research, sales forecasting, consumer behaviour analysis, operation optimization as well as coming up with sound and data driven decisions that are for profitability and efficiency improvement.

• Quality Control: In manufacturing and production processes, statistical quality control techniques such as control charts and defect sampling methods are used to monitor and control product quality, indented defects, and to maintain the level of consistency.

• Healthcare: The statistics is one of the main centers of attention in medical research, clinical trials, epidemiological studies and decision-making regarding healthcare policy. It is consequently used to analyze the efficiency some treatments; locate the risk factors and the occurrence patterns of diseases.

• Environmental Studies: This modus operandi makes use of statistical methods for the collection of environmental data, design of climatic models, effect of human activities on the environment, and the development of sustainable practices.

Also Read,

• Parameters and Statistics
• Population vs Sample in Statistic
• Difference between Descriptive and Inferential statistics

In the statistical and data analytics areas, parameters and statistics are the most widely used two terms. Statistic is a numerical value calculated from a sample of data, whereas, Parameter is a numerical value that describes a characteristic of an entire population.

This article will provide the meaning and applications of parameters and statistics and the distinctions between them.