Importance of STATISTICS and

PROBABILITY

THE INTRODUCTION OF THE ESSAY SHOULD BEGIN WITH A CONTROVERSIAL

CLAIM IN ORDER TO EXPLORE HOW STATISTICS ARE USED IN DAILY LIFE.
PEOPLE REGULARLY GATHER AND EXAMINE A LARGE AMOUNT OF DATA THAT
IS DISPLAYED IN NUMBERS AND IS CLOSELY RELATED TO VARIOUS ELEMENTS
OF THEIR LIVES. AS A RESULT, IT IS COMMON PRACTICE TO EXAMINE THE
LEARNT MATERIAL ABOUT ORDINARY ACTIVITIES USING SIMPLE STATISTICAL
METHODOLOGIES. OBTAINING AVERAGE RESULTS IN CONNECTION TO REAL-
WORLD OCCURRENCES OR PHENOMENA CAN BE HELPFUL. THEREFORE, THIS
ESSAY WILL GIVE MANY REAL-WORLD EXAMPLES AND EXPLAIN THE USE OF
VARIOUS DATA ANALYSIS METHODOLOGIES IN ORDER TO DEMONSTRATE THE
SIGNIFICANCE OF STATISTICS IN EVERYDAY LIFE. ADDITIONALLY, INDIVIDUALS
USE THE STATISTICAL DATA ON THE SUBJECT AS ONE OF THE PRIMARY
REASONS THAT CAN AFFECT THE COURSE OF THE CASE WHEN THEY MUST
OFFER THE ANSWER TO A CERTAIN INQUIRY OR CHOOSE HOW TO RESPOND IN A
SPECIFIC CIRCUMSTANCE. THE AVERAGE TEMPERATURE, WEATHER
PREDICTIONS, AND THE PERCENTAGE OF CONSUMERS WHO FAVOR ONE
PRODUCT OVER ANOTHER ARE TYPICALLY OF INTEREST TO INDIVIDUALS.
WHEN SOMEONE WANTS TO LEARN ABOUT THE MOST RECENT NEWS, HE
FOCUSES ON THE FACTS THAT ARE PERSONALLY RELEVANT TO HIM, AND THESE
FACTS ARE FREQUENTLY PRESENTED AS FIGURES. THE FUNDAMENTALS FOR
PEOPLE'S CHOICES AND ROUTINE DECISIONS THAT ARE MADE AS PART OF
DAILY RITUALS AND ROUTINES CAN BE FOUND IN THE AVERAGE RESULTS IN A
VARIETY OF FIELDS AND AREAS, FROM THE AVERAGE LEVEL OF INCOMES IN
THE NATION AND THE AVERAGE LEVEL OF LOCAL LIBRARY ATTENDANCE TO
THE AVERAGE DATA ON CONSUMERS' PREFERENCE OF BRANDS AND SERVICES.
THE ABILITY TO PREDICT HOW SPECIFIC CIRCUMSTANCES AND PROCESSES
WILL DEVELOP IS ONE MORE POWERFUL BENEFIT OF STATISTICS. WHEN
PLANNING IMPORTANT CHANGES IN THEIR LIVES, SUCH AS LOOKING FOR A NEW
JOB, MAKING NEW INVESTMENTS IN BUSINESSES, TRAVELING, AND LONG-TERM
INITIATIVES, PEOPLE ARE PRONE TO USING STATISTICAL PROGNOSES. THE
STUDY OF STATISTICS IS FOUNDED ON EXACT MATHEMATICAL CALCULATIONS
AND ALGORITHMS (BLUMAN, 2009). BECAUSE OF THIS, ITS TECHNIQUES CAN BE
SEEN AS EFFICIENT MEANS OF UNDERSTANDING THE QUANTITATIVE DATA
GATHERED ON EVERY ELEMENT OF LIFE. TODAY, INDIVIDUALS DON'T NEED TO
INSPECT AND TEST A LOT OF MATERIAL TO LEARN ABOUT ITS SUITABILITY FOR
EVERYDAY LIFE OR THE TRENDS OF A PHENOMENON'S DEVELOPMENT BECAUSE
ALL OF THIS INFORMATION CAN BE OBTAINED IN THE FORM OF STATISTICS
GRAPHS OR PERCENTAGES. THE STATISTICS DATA CONTAINS THE ANSWERS TO
A NUMBER OF COMMON INQUIRIES. IT KEEPS US INFORMED ABOUT, WHAT IS
HAPPENING IN THE WORLD AROUND US. STATISTICS ARE IMPORTANT BECAUSE
TODAY WE LIVE IN THE INFORMATION WORLD AND MUCH OF THIS
INFORMATION'S ARE DETERMINED MATHEMATICALLY BY STATISTICS HELP.IT
MEANS TO BE INFORMED CORRECT DATA AND STATICS CONCEPTS ARE
NECESSARY. INDIVIDUALS USE STATISTICS TO MAKE DECISIONS IN FINANCIAL
PLANNING AND BUDGETING, WHILE ORGANIZATIONS ARE GUIDED BY
STATISTICS IN FINANCIAL POLICY DECISIONS. BANKS USE STATISTICS TO
LOWER RISK IN LENDING OPERATIONS, ANALYZE ACTIVITY IN THE FINANCIAL
MARKET, AND PREDICT THE IMPACT OF ECONOMIC CRISES.PROBABILITY
DEALS WITH PREDICTING THE LIKELIHOOD OF FUTURE EVENTS, WHILE
STATISTICS INVOLVES THE ANALYSIS OF THE FREQUENCY OF PAST EVENTS.
PROBABILITY IS PRIMARILY A THEORETICAL BRANCH OF MATHEMATICS,
WHICH STUDIES THE CONSEQUENCES OF MATHEMATICAL DEFINITIONS.