There's an old saying in business: If you can measure it, you can manage it. What's measurable is almost always presented in the form of statistics.
Internally, companies use statistics to evaluate employee performance and to make financial decisions. Statistics gathered through external research are used to enhance products and services and to build effective promotional campaigns, according to Audra Bianca for the Houston Chronicle.
The field of education has a number of challenges in terms of policy planning, and statistics are particularly important as they often provide some of the only objective information that administrators use when making organizational and curricular decisions. Without this hard data in place, often no
Experts use statistics to understand large and complex sets of data. Statistics are also helpful with surveys, which legislators use to affect policy. Knowing how statistics work is important for fully understanding news reports.
In the world of statistics, there are two categories you should know. Descriptive statistics and inferential statistics are both important. Each one serves a purpose.
The importance of statistics in economics starts with economics research methods. These are used to collect and analyze data for factors, such as per capita income and inflation rate.
Health statistics provide a clear indicator as to the well-being of a population, individual or country, according to the U.S. National Library of Medicine. Statistics in medicine help assess patients and provide insight into subgroups within a population.
Statistics help psychologists know to what extent certain psychological problems are common. They are also needed for psychological research. Statistics are prevalent in psychological literature, and all psychologists need to know how to interpret the analyses they read.
Statistical quality control is important because it uses statistical methods to monitor the quality of a product. This type of auditing maximizes manufacturing productivity and minimizes errors associated with human judgement.
Statistics help people make informed decisions all the time. For example, statistical evidence of the dangers of smoking causes people to quit, saving lives. Statistics are important in many fields that impact modern daily life, such as product safety within manufacturing and reliability engineering