Practical Statistics is a very important practical concept which is worth a discussion and a deeper analysis on the same would guarantee the recording of developments. Studying the field of statistics in the modern era is very important as it allows for understanding any subject in a deeper manner. Before jumping onto knowing the details of the true value of statistics in the practical aspects, it is important to know what statistics is. Statistics has been defined by various great jurists and each one carries a deeper meaning of its own. Like all other subjects, the value of statistics too was different for the different era and with development, the same has emerged greatly. Learning and understanding Statistics is important as its scope is quite wide and only through statistics problems can be deeply navigated and through a greater analysis, correct results can be reached to. It is only through statistics that a valid prediction can be made and raw data can be converted to a more reliable one. In a capitalist economy, particularly, the importance of statistics is undeniable and it has enabled businesses to grow more and more. Statistics is a very deep concept and the understanding of the same is pertinent to know the genuine value.

The concept of statistics is not a new one and is an age-old concept existing from time immemorial. It was the Roman Empire which first used the statistical tools and calculations and the techniques were even used to measure the old buildings and forts. Growing more and more, the concept of statistics was not left away from Asian Countries and even China used tactical methods of statistics to calculate and compute various mathematical calculations. Census was then a newer concept which was adopted by the English countries and it was first taken by King William I who took a step ahead to calculate all the population living in the continent and the same was recorded year by year in the census book. And all this was possible only because of the statistical tools which were used to the maximum. Indian Territory was also not left behind as it was dominated by the British Empire and this has enabled the growth of modern-day concepts of statistics in India.

Read:  Economy of Romania

Within the subject of statistics, there are various concepts hidden and they altogether constitute the complete meaning of statistics. One of the major aspects is the probability theory which was first laid down by Blaise Pascal in the late 17th century and through the theory, the concept of statistics became more mathematical. Till then, the same was categorized only under the subject of science. Probability theory enabled jurists to presume and provide a probability. Some other attached tools together with the same developed with it and involves probability which may be anything, a conditional probability which depends upon the happening one or the other event. In the same way exists the independent variables which are events which are independent of each other and the outcomes do not depend on each other. However, with independence comes conditions and sometimes, there is a conditional dependence. The other factors include expectation which is the end result of all statistical conditions and the same is always a particular count. Such tools have enabled the calculations to be more accurate.

Following the tools, there are some methods through which a particular set of data is analyzed. Data collection is the first major step to conduct statistical analysis and the same can be done even through sampling, which is an easier and appropriate method. When data is in large numbers and analyzing them is not feasible, sampling is the one way which makes everything easy. Through sampling, a particular group is chosen and the same represents a whole population and then the same is generalized. On a similar note, experiments are a way to analyze whatever data is collected workable or not and moving a step forward is observations way. Through observations, the only difference is the fact that data collected is observed and then the conclusion is reached. Such methods of data collection and analysis are universal and are applicable to all types of statistical uses and appropriate practical applications.

Read:  Automation Technology Explained

Practical Statistics has many uses and the same is growing simultaneously with the development of statistics as a whole. Statistics is termed to be practical as many of the scope today has turned to be practical. There are various fields, including the medicine and genetics where statistical tools have come into play and derived various means of deducting diseases and what role it plays in genetics. Medicines are distributed and sold only on the basis of statistical experiments and after analyzing what is better for the public living in a surrounding or a particular locality. Moving forward is the climatic conditions which are also predicted through statistical analysis and the day to day weather predictions. Rains, floods, disasters, etc. can all be predicted through the mechanism. Moving forward, statistics has left no stone unturned when it comes to predictions of various other means including the buying and sale properties of goods and products in any market. The demand and supply of the products can be deduced through statistics which enables the determination of the market. In a similar pattern lies the importance of statistics in more practical aspects like the computing of the quality checks in food items and day to day goods. Practical Statistics in itself has become a subject of the present day and its importance is felt in almost all the sectors.

Would you like to read more about this topic? This book might interest you: Practical Statistics.