Statistics

Academic News & Updates

Statistics refers to the science of collecting, testing and drawing out a statistical inference from raw data. It is basically a numerical statement of the facts that one derives from raw collected data.

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This document will discuss the importance and scope of statistics.

Statisticians widely use statistics for planning purposes. Experts apply advanced statistical techniques in various fields of planning, such as production, consumption, prices, investment, income, and expenditure.

Statistics is closely related and is quite dependent upon the theory of mathematics. In other words, it is basically a branch of applied mathematics which mainly specializes in handling data.

The theory of statistics also comes into play in the field of economics. Statisticians use immense statistical techniques to handle economic data. Economists use statistical techniques like time series analysis, demand analysis, forecasting, etc., to handle economic data.

Researchers also utilize the theory of statistics in the fields of biology and medical sciences. In the field of medical sciences, researchers use a major statistical test called the t-test to test the efficacy of a manufactured drug or injection.

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Along with the uses of statistics, there also come certain limitations.

The first and most significant limitation is that, due to its association with mathematics, researchers do not use the theory of statistics directly with qualitative data. First, researchers label qualitative data in a quantitative form and then analyze it with the help of software.

The second limitation is that the theory of statistics is used to draw out an inference of a particular group or community or a region and not about an individual.

The third limitation is that the numerical facts that are obtained in statistics, with the help of statistical tools and techniques, are generally in an approximated form and not in an exact form. In other words, the figures obtained by conducting the statistical tests and techniques are always approximate and not exact.

One of the major disadvantages of statistics is that people can misuse it, as they can manipulate or mold statistical facts into any format.

Developers have created certain software languages for conducting statistical techniques in statistics. The statistical languages are SAS, SPSS, Minitab, Strata, R language, etc.

Such software languages help in solving complex statistical procedures in statistics. With the help of these software languages, the researcher can also learn to infer about statistical data in a proper manner, as such packages like SPSS come along with certain tutorials which tutors the starter about the usage of the statistical procedures in that particular software package.