Statistics are useful in certain careers and in sports, according to Wichita State University. When people use statistics in real-life situations, it is called applied statistics. Statistics involves descriptive and inferential analysis of raw data.
Continue ReadingBusinesses employ charts and graphs to analyze processes and make decisions, according to the Ohio Literacy Resource Center. These display the data that statistics generate. People in the media also use statistics to create percentages and frequencies to make technical stories simpler for the average person. Quality control teams use statistics to develop product standards and inform managers of progress.
According to Six Sigma of the Aveta Business Institute, statistics can even help managers ascertain the best workers and isolate employees for promotion. Those in the business sector create variables to make inferences for future projections and career aptitude. Businesses can use census data in aggregate-level statistical form to compare similar companies within an industry or geographic region, states the U.S. Census Bureau.
Sports teams and recruiters notably use statistics to track player performance and make probabilities for team and player success. According to the Center for Gambling at the University of Nevada at Las Vegas, casinos and gamblers use probability statistics to determine chances. In particular, the casinos use probability statistics to ensure that the house makes more money than it pays to customers, so that they can turn a profit.
Learn more about StatisticsMisleading statistics are statistics that people use to defend bad or misleading arguments, often in an unfair or deceitful way. Bad sampling, whether due to bias or skewed sample sizes, can lead to a misleading statistic.
Full Answer >Sampling, in statistics, is a method of answering questions that deal with large numbers of individuals by selecting a smaller subset of the population for study. One of the most prevalent types of sampling is random sampling.
Full Answer >The box-and-whisker plot is a technique in statistics that graphically shows the distribution of a set of data involving the minimum and maximum values, as well as the first, second and third quartiles. The plot is typically drawn using a number line.
Full Answer >Statistics are a methodology necessary in the field of statistics and are used to collect, analyze and evaluate data. Economics depends heavily on the use of statistics.
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