In a world driven by data, applying statistics in everyday life is an eternal reality that touches all aspects of the community. The field of statistics has existed for many years, but its impact has shot up recently due to the modern statisticians who use ultra-modern applications of statistics.
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History and Evolution of Statistics
The modern statistics evolution journey began in the 18th Century to counter the emerging needs of urbanizing sovereign states. The statistical evolution was directly related to the growth of European states following the 1648 peace of Westphalia and the development of probability theory, solidifying the theoretical basis of statistics.
In the past, the meaning of statistics was only used when giving information about states, precisely demographics such as population. It was later expanded to incorporate all types of information collection and later broadened to cover the interpretation and analysis of collected data. Today, statistics mean a set of gathered information about temperature record and national accounts and the analysis work that need statistical reasoning.
Statistics is mainly connected with the probability theory since activities that involve statistics are usually associated with models demonstrated using probabilities. Sir Ronald Fisher, a father of modern statistics, explained how complex data could be analyzed using statistics; he also came up with formulas still used currently.
Today, statistics is integrated into medicine, science such as nursing, arts, and engineering, among other fields of study.
Statistics Examples in Real Life
Statistics plays a crucial role in everyday life. Statisticians apply statistics in the background to discover and shape developments in the country.
Some statistics examples in real life include;
1. Record of production of goods and services
Any workplace uses statistics when doing production analysis. Whether the company is famous for producing perfect goods and services, there is no limitation to using statistics. Such companies can use statistics to keep track of the delivered goods, evaluate workers’ performance, and evaluate the efficiency and productivity parameters.
A clear record of goods and services produced enables the organization to raise its customer satisfaction ratio, improve production quality, and manage its new assets. Statistical analysis of goods and services produced after implementing a specific strategy will aid the research personnel in evaluating the success or failure chances of a project.
2. Weather forecasting
Statistics plays a vital role in weather forecasting. Incorporating technology and statistics makes predicting a region’s weather easy, showing whether it is sunny, rainy, or cloudy. The quantitative data is collected about the current status of the atmosphere, and then a meteorologist is used to predict the weather.
Meteorologists incorporate scientific techniques to derive relevant information from the four step-wise collected data. In addition, they use statistics of humidity, atmospheric pressure, rain, and temperature statistics to forecast upcoming weather conditions.
3. Analysis of stock market data
Analysis of stock market data is a good statistics example in real life. Stock investors tend to check all the available information in the market and analyze it using various models of statistics to determine the performance of different investment portfolios. The analysis helps the investor to improve his chances of making a profit from the available options.
Several software and mobile applications simplify this process, and web pages have been developed to enlighten people about how the stock market works.
4. Tracking of sales
Retail companies use median, mean, interquartile range, standard deviation, and mode to follow up on the sales performance of a particular product. This gives firms information that enables them to predict the number of products they expect to sell at different periods and the amount they should keep in the inventory.
Several insurance companies provide health, life, house, and vehicle insurance. These companies apply different statistical data to determine the amount of insurance.
Similarly, for life insurance, companies consider the job, credit score, age, and gender statistics to determine the amount of insurance. The data collected is analyzed and processed to determine the insurance score. The insurance score is vital for the insurance agency when determining the risk that the company might take to cover you.
Statistics is widely used by politicians and political parties in evaluating their winning chances. Most political parties use statistics to better organize themselves by assessing the number of people behind them. Likewise, news channels and opinion polls conduct surveys to predict voting results.
7. Medical records
Have you ever attended a hospital or a medical institute and provided information such as age, name, medical history, date of admission, gender, etc.? These institutions receive a bulk of data daily, which they store in a structured or unstructured manner.
The information collected is crucial and should be stored properly. Using statistics, these facilities can organize patient data in a particular format or keep the record updated and accessible at any time.
8. Population record
Population records or census is another statistics example in real life where its implementations are easily observed. In an organized format, census data stores people’s details such as an address, date of birth, profile, status, and occupation.
The analysis of census data in a statistical way is critical in locating the patterns and trends in the data that is used to make necessary financial, political, and economic decisions
9. Prediction of natural disasters
Natural disasters occur due to natural forces and effects and may cause damage to resources and even death. You cannot predict or accurately estimate the occurrence of natural disasters.
However, applying statistical models to analyze data that has the history and frequency of an inevitable natural disaster may provide an idea of when to expect such kind of a disaster in the future. This helps to keep people alert and also applies the necessary preventive measures.
Statistical data study entails classification, analysis, categorization, and data presentation in any format desired by the user. Statistical analysis is widely used in cricket, football, tennis, and basketball. This is because it helps to improve the decision-making of the players and coaches by identifying their weak areas and areas that need much work.
Statistical analysis is also used in sports during finance and budget analysis, sports betting predictions, injury prevention, and ticket price estimations.
The banking field uses statistical analysis in most of its operations. For example, estimating an investment’s chance of success or failure, tracking the interest rates, monitoring cash flow, managing cash, and building revenue. The use of statistical analysis in banking ensures there in security and privacy of the data.
Statistics has been in existence for centuries but its modern application has sprouted recently. Statistics plays a vital role in everyday life. Sports, banking, census, and medical records are real-life statistics examples. The field of statistics deals with collecting, analyzing, interpreting, and presenting data.
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