Importance of Statistics in Society

Only available on StudyMode
  • Download(s) : 194
  • Published : March 8, 2013
Open Document
Text Preview
Importance of Statistics in Society
(Lecturer: Statistics and Research Methodology)
Nepal Commerce Campus
Tribhuvan University
Kathmandu, Nepal
Statistics plays a vital role in every fields of human activity. Statistics has important role in determining the existing position of per capita income, unemployment, population growth rate, housing, schooling medical facilities etc…in a country. The statistical tools like Index number, correlation, time series analysis, regression analysis, hypothesis testing, and multivariate analysis help to analysis data and predict about future. Now statistics holds a central position in almost every field like Industry, Commerce, Trade, Physics, Chemistry, Economics, Mathematics, Biology, Botany, Psychology, astronomy etc…, . So application of statistics is very wide. Statistics helps in providing a better understanding and exact description of a phenomenon of nature. It helps in proper and efficient planning of a statistical inquiry in any field of study by collecting an appropriate quantitative data. Statistics helps in understanding the nature and pattern of variability of a phenomenon through quantitative observations and helps in drawing valid inference, along with a measure of their reliability about the population parameters from the sample data. Statistics are the ‘straws out of which Economists have to make bricks’. Statistical data and their analysis are used to solve a variety of economic problems such as in consumption, production, distribution of income and assets, poverty, unemployment etc. These problems are described, compared and correlated by using statistics. Use of statistics in Economics has led to the formulation of many economic laws like Engel’s law of consumption, Pareto’s Laws of distribution of income etc.
tracking img