What Are Some Applications of Statistics in Real-Life Situations?
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.
Businesses 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.