EMATH 214 – ENGINEERING DATA ANALYSIS

ASS. # 1 - STATISTICS
ID No./ Name: Score:
Course/Yr. level: Date:

INSTRUCTIONS:
A. Answer the following questions stated below.
B. Use a clean white paper as your answer sheet.
C. Your output should be a document type (MS Word converted to PDF)
D. Use a font type and size that is readable.

Test 1. Cite and explain (at least five sentences) some specific applications of Statistics in the following area:

1. Business
When it comes to business, statistics play an important part in marketing, finance, and even purchasing
and inventory. Statistical tools and techniques are used in finance to analyze financial risk, financial
performance, and other factors. In purchasing and inventory, statistical techniques provide guidelines on
how much raw material to purchase, levels of inventory to keep, and other factors. In marketing, statistics
is used in almost every aspect of creating and growing customers, in designing marketing campaigns,
and elsewhere. It also can be used in controlling, where managers and decision-makers must use in
order to control costs, operate efficiently, and prepare budgets. With statistics, it would be a great help for
everyone to have a better decision. Statistics are used for more than just data description and analysis.
Using statistics, we are actually "intelligently managing our risk."

2. Economics
In terms of economics, there are some specific applications of statistics in this area. It is stated that with
the use of descriptive statistics, statistics help economists comprehend the state of the economy. By
examining data and trends through time, statistics aid in the analysis of numerous economic issues like
inflation, unemployment, and more. And then by converting large amounts of data, such as income,
consumption, etc., into more comprehensive economic indicators, such as per-capita income and per-
capita consumption. Economics has a lot to offer in terms of the economy. Without statistics, economics
is unimaginable. Thus, Statistics have raised the economy to greater levels.

3. Education
When in education, since statistics aids in the collection, presentation, analysis, and interpretation of
data, it is crucial in education. Drawing general conclusions is another benefit. We can analyze these
scores logically thanks to statistics. The precise sort of description, processes, and thoughts involved in
teaching and learning are improved. In line with this, in education, statistics are a dependable source of
historical information. One of the most trustworthy ways to confirm any given history is through statistics.
As because it is due to the fact that statistical documentation is always factual and clear.

Good luck and Godbless…