What statistics have played an important role in my life? This is a basic question that most of you have asked yourself. Hence, it is important to get its reason and answer about their significance. Let us decode one by one below every factor that makes studying statistics an important job for you students.
This field of study is implemented everywhere from your school level to higher education and in competitive exams. In today’s era where information surrounds us, this field of study highlights or brings important facts and figures for you. We know that these theoretical aspects might have bounced on from your head. However, we have highlighted a few reasons that will support our argument.
Why Are Statistics Required Everywhere?
1. Weather forecasting
Many of you may have the habit of ignoring weather news. But have you observed it carefully? There is plenty of information available on weather and climate change. Not just of today but of upcoming many days too they have information! So, how is it possible to accumulate that much information? Thankfully, computer models make this task easier to predict the future climate.
If you have the prior weather forecasting report, you can easily manage yourself and get the valuable information about climate change too. Using this model, only the meteorological department predicts whether there will be a storm in the upcoming few days. Then if there is a serious issue, government authorities and the common public equip themselves according to the severe situation.
2. Collecting the relevant data
It is not only about textbook level or Elementary Statistics to collect the data to run a nation. There are core groups and organizations who do this task. And after the data compilation, it is the time to showcase these data and information in the public domain. Even there are some serious issues like poverty, crime and lack of medical infrastructure. Such data is an eye-opener for authorities.
Hence, we cannot ignore the role of the statistics from this domain. Be serious about this module right from your school-age and make the most out of your knowledge. If you are dedicatedly studying this module, you will score good scores in any examination. However, data interpretation is an essential part that most of you do not pay serious attention to. As a result, you land up getting low scores in competitive exams.
3. Insurance sector
Mostly, your parents or young serving candidates have taken one insurance policy for themselves. Let us take a few names of insurance policies like home, car, medical and other kinds of insurance. So, how does this insurance sector use the data and record to provide you insurance? It is all based on statistical models that calculate the policyholder’s insurance risk.
Here, the statistical model is majorly used to determine how much risk an insurance company can bear? Even, what will be the final compensation amount the company needs to pay out during the claim settlement. From an education point of view, if you want to serve in the government and private insurance companies, you need to know the statistical models used in this sector.
4. Quality testing
Statistics models are also widely used in quality testing. Massive organizations develop products according to surveys they conduct to know consumer interest. As a result, they serve their consumers with the best quality items. However, checking every product and its quality is not easy for anyone. Even they have to use the same principle to evaluate the product’s quality. That is why statistics are important from a professional point of view.