Importance of statistics

Importance of statistics - Importance of Statistics in...

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Importance of Statistics in Different Fields 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. 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. Now we discuss some important fields in which statistics is commonly applied. (1) Business :            Statistics play an important role in business. A successful businessman must be very  quick and accurate in decision making. He knows that what his customers wants, he should  therefore, know what to produce and sell and in what quantities. Statistics helps businessman to  plan production according to the taste of the costumers, the quality of the products can also be  checked more efficiently by using statistical methods. So all the activities of the businessman  based on statistical information. He can make correct decision about the location of business, 
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Importance of statistics - Importance of Statistics in...

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