1.1 Nature of Statistics
The term “Statistics” came from the Latin word ‘status’ which could be translated as ‘state’. The usage of this term only became popular during the 18 th century where they defined Statistics as “the science of dealing with data about the condition of a state or community”. The practice of statistics could be traced back even from the early biblical times where they gather figures related to governance of the state for they realized the importance of these figures in governing the people. Even until today, worldwide, governments have intensified their data gathering and even widen the scope of their numerical figures due to the rise of more cost-efficient methods for collecting data. Some of the most popular figures that are being released by almost all countries are Gross National Product (GNP), Birth rates, Mortality Rates, Unemployment Rate, Literacy Rates and Foreign Currency Exchange Rates. Also, the use of Statistics is not limited to government use only. Right now, almost all business sectors and fields of study use statistics. Statistics serves as the guiding principle in their decision making and helps them come up with sound actions as supported by the analysis done in their available information. Indicated below are some of the uses of Statistics in various fields: Medicine: Medical Researchers use statistics in testing the feasibility or even the efficacy of newly developed drugs. Statistics is also used to understand the spread of the disease and study their prevention, diagnosis, prognosis and treatment (Epidemiology).
Economics: Statistics aids Economists analyze international and local markets by estimating some Key Performance Indicators (KPI) such as unemployment rate, GNP/GDP, amount of exports and imports. It is also used to forecast economic fluctuations and trends. Market Research: derives statistics by conducting surveys and coming up decisions from