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

Statistics is branch of scientific methods which deals with the data obtained by counting for measuring the properties oof population of natural phenomena.

Modern statistics refers to a body of method and principles that have been developed to handle the collection ,description, summarization and analysis of numerical data.Its primary objective is to assist the researcher in making decisions or generalization about the nature and characteristics of all the potential observations under consideration of which the collected data form only a small part .

Statistics and business:-

Statistics is an indispensable tool of production control business executive are relying more and more on statistical techniques for studying the need and desire of consumer and for many other purposes.The success of a businessman more or less depends upon the accuracy and precision of his statistical forecasting.

Statistical techniques have also been used widely by business organization in :-

1) carrying out time and motion studies ( which are a part of the scientific management)

2).Investment ( based on sound study of individual shares and debentures )

3) credit policy

4) Inventory control (for coordination between production and sales)

5) Accounting ( For evaluation of the assets of the business concern)

Statistics and medicine:-

In medical science also the statistical tools for the collection ,presentation and results obtained from the use of various drugs and medicines ,are of great importance moreover obtained from the use of various drugs and medicines are of great importance .moreover the efficacy of a manufacture drug or injection or medicine is tested by using the test of significance.( t test).

Statistics in advertisement:-

Statistics ylays vital role in all aspects of advertising

.from  market research to design to campaign testing.Business owners can use statistics to identify the best consumer to target and the most cost - effective way to target them .

Statistics and planning:-

Statistics is indispensable to planning In modern age which is termed as the age of planning almost all organizations in the government or management of business are resorting this end the statistical data relating to production consumption prices investment income expenditure etc