Here are some examples highlighting the importance of statistics in different fields

(1)Business: Statistics plays an important role in business. It helps a businessman to plan his production according to the taste and preference of the customer. It also helps to determine the quality of the product. A businessman can make correct decision regarding the location of business, marketing of the products, finance, resources, etc…through statistics.

(2)Economics: Statistics play an important role in economics. Economics largely depends upon statistics. . In economics statistical methods are used for collecting and analysis the data. The relationship between supply and demands is also studied by statistical method. The imports and exports, the inflation rate, the per capita income are the problems which require good knowledge of statistics.

(3)Mathematics: Statistics is branch of applied mathematics. The large number of statistical methods like probability averages, dispersions, estimation etc… is used in mathematics and different techniques of pure mathematics like integration, differentiation and algebra are used in statistics. Thus statistics and mathematics are interrelated with each other.

(4)Banking: Statistics play an important role in banking. The banks make use of statistics for a number of purposes. The bankers use statistical approaches to estimate the numbers of depositors and their claims for a certain day.

One cannot completely rely on statistical data as it may not be accurate. Proper research and development program should also be exercised while analyzing statistical data.

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