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Students often study statistics as part of their academics. However, most of the time, students do not understand how statistics play a vital role in every field of study kraft foods swot analysis. For example, it helps determine the current position of per capita income, unemployment, population growth rates, housing, schooling, medical facilities, etc., in a country. Whether you are studying management, economics, or accounting, you have to learn it Best Buy SWOT Analysis.
Here are some of the common fields where statistics help immensely.
Economics largely depends upon statistics. National income accounts are multipurpose indicators for economists and administrators, and statistical methods are used to prepare these accounts Plagiarism Free Assignment Experts. In economics research, statistical methods are used to collect and analyze the data and test hypotheses.
For example, the relationship between supply and demand is studied by statistical methods; imports and exports, inflation rates, and per capita income are problems that require a good knowledge of statistics.
Statistics plays a central role in almost all-natural and social sciences. The methods used in natural sciences are the most reliable, but conclusions drawn from them are only probable because they are based on incomplete evidence.
Statistics helps in describing these measurements more precisely Best Essentials Things for essay writing. Statistics is a branch of applied mathematics. Many statistical methods like probability averages, dispersions, estimation, etc., is used in mathematics, and different techniques of pure mathematics like integration, differentiation and algebra are used in statistics.
Statistics plays an essential role in banking. Banks make use of statistics for several purposes.
First, they work on the principle that everyone who deposits their money with the banks does not withdraw it simultaneously. Second, the bank earns profits out of these deposits by lending them to others on interest.
Third, bankers use statistical approaches based on probability to estimate the number of deposits and their claims for a certain day. If you choose to work in the banking sector, then learning statistics is a must microsoft SWOT analysis.
4. Accounting and Auditing
Accounting is impossible without exactness. But for decision making purposes, so much precision is not essential; may decide based on approximation, known as statistics.
example, the correction of the values of current assets is made based on the purchasing power of money or its current value.