Guide to application of statistics

Posted June 14, 2021 by ssipune1248

Statistics’ application includes techniques for assessing ideas, measurement of assumptions, and turning them into reality while gauging their substance.

The practical implementation of data in science and art is crucial to all political and social administration, all education, and all organizations based upon experience.

From the fields of medicine to research and from satellites to Facebook, the data collected and statistics built provide all individuals in this field with all necessary tools, concepts, and foundations for reasoning and extraction of information. Such a course is provided in all MSC statistics colleges in India with major hotspots being Pune, Mumbai, and Bangalore for students from all over the country and across the globe.

It helps you not only solve problems but understand the world and how it operates in all contexts concerned. It helps to prevent misled decisions by incorrect interpretation of numerical data.

In times like these, when digital living is so essential for all kinds of survival, it is important to adapt to the current technologies and prepare statistics relevant to success. Statistics covers huge volumes of data into actionable steps and considerable figures to help an individual or organization grow exponentially.

A number of ways in which statistics can be used:

● Identifying trends of consumer consumption, preference, and behavior
● Predicting the growth or fall of a consumer based on the past and emerging trends of the factors influencing it
● Determining the efficacy of all operations prevalent
● Evaluating success rates of any sales force implemented by regional parameters

Domains that are already showing signs of success based on applied statistics and their applications are:

● Financial trading
● Diagnostic and administrative processes in healthcare
● Marketing and advertising
● Pharmacy
● Retail
● Education

A clearer perception of data as provided by statistics can go a long way to save money and create more profit. To elaborate, some of the following applications of statistics are used:

● Performance appraisal
● Prediction of conditions- both production and sales
● Analysis of ratio of risk and return
● Market research

The reasons why statisticians prove to be a much better option than general analysts is for the following reasons:

● Overconfidence: Wherein an executive cannot see the objectivity of data present as opposed to the generic suggestions of a report
● Misunderstanding/Ignorance- Already stuck in the past, they need a statistician who can identify problems and provide actionable solutions that will lead to the growth of the future.
● Better allocation of resources along with setting up realistic goals and elimination of most errors and waste.

The above-mentioned reasons are some of the prioritized learning objectives of nearly every best MSc college in Pune, or elsewhere.
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By SIBM Hyderabad
Country India
Categories Education
Tags best msc college in pune , msc statistics colleges in india
Last Updated June 14, 2021