Question

Assignment 5 - So, What Do You Think About Statistics Now?

Statistics is hard, no matter when and where you take it. Taking it online can even be more challenging. Now that you have survived this course, how do you think statistics has changed your view of data used in business, in medicine, in advertisement, in any other area that interests you? Please assess your new found understanding in a short narrative (250-300 words).

Answer 1

answer-

Statistics is a branch of mathematics working with data collection, organization, analysis, interpretation and presentation . Statistics is a term used to summarize a process that an analyst uses to characterize a data set. If the data set depends on a sample of a larger population, then the analyst can develop interpretations about the population primarily based on the statistical outcomes from the sample .

The course of statistics has completely changes my thoughts because now i know that how important statistics is even you may find difficulties in collecting and analyzing the data but it would be worth it.as we all know data in every field of study like healthcare, medicine, advertisement, marketing etc has become integral part because with the help of statistics we can generate business ideas, identify the customer behavior towards a particular product or company , we can make decisions based on statistical data like we want to launch a new medicine or not? we want to create a new product or innovate the existing prodcut? all these answers can be get with use of statistical data.

for example- medicine company collect data and analyze the data based on particular disease like heart disease or lung disease etc and use that data to make new medicine to solve the disease. also data can be used to advertise that medicine to target the customer and segment them based on factors like age, gender, lifestyle etc.

so, i think statistics has more use we can think of which shows our limitation of imagination about this study. I think, if anyone can study this course they would be impart with this meaningful knowledge which they think is not useful in life but it is.

*hope above answer would help you.