The importance of statistics in recent years cannot be over emphasized. The development in statistical studies has considerably increased its scope and importance. It is no longer regarded as the science of statecraft or a by-product of state administration. Now it embraces a host of sciences-social, physical and natural. Statistical findings have assumed unprecedented dimensions these days. Statistical thinking has became indispensable for able citizenship. Statistics is of immense use in the following cases.
1. In Planning:
Planning is necessary for efficient workmanship and in formulating future policies. Statistics provides the valued interpretation of facts and figures relevant to planning. Planning depends on forecasting the future. Statistics provides the necessary tools of estimation and forecasting. So statistics is indispensable in planning.
2. In Business :
Statistical knowledge is very helpful to the businessman. He formulates different plans and policies using statistics. It helps him in forecasting the future trends and tendencies. To estimate the market fluctuations, changes in the demand conditions etc. statistical techniques are often used. Hence for becoming a successful businessman, ideas in statistics are essential.
3. In Economics :
Statistics are the ‘straws out of which Economists have to make bricks’. Statistics indispensable in economic studies. Statistical data and their analysis are used to solve a variety of economic problems such as in consumption, production, distribution of income and assets, poverty, unemployment etc. These problems are described, compared and correlated by using statistics. Use of statistics in Economics has led to the formulation of many economic laws like Engel’s law of consumption, Pareto’s Laws of distribution of income etc. Similarly statistical tools like index numbers are sued as economic barometers.
4. In administration :
In ancient times statistics was used as the science of statecraft. It was used to collect data relating to manpower, crimes, income etc. for formulating different policies. In modem times, its role has become manifold. It has become indispensable for the administrators. It is being widely used formulating and forecasting different plans and policies of the state administration.
5. In Business Management:
Business manager take decisions in the face of uncertainty. Statistical tools like collection classification, analysis and interpretation of data are essential in business-management. The success of modem business primarily depends on accurate forecasting of the future demand and mark trends. For this statistics is essential. Hence statistics is widely used in business management.
6. In research activities :
One cannot think of undertaking any research activities without using statistics. Primarily, statistical techniques are used for collecting information in any research. Besides, statistical methods are used for analysis and interpretation of research findings. Thus there is hardly any branch of study where statistics is not being used. It is used in all spheres of human activities.
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