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 are derived from raw collected data.
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This document will discuss the importance and scope of statistics.
Statistics is widely used for the purpose of planning. The planning happens in various fields like in the planning in production, consumption, prices, investment, income expenditure, etc. in which advance statistical techniques are required.
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. There are immense statistical techniques in statistics that are used in handling economic data. Statistical techniques like time series analysis, demand analysis, forecasting, etc. are used for handling economic data.
The theory of statistics is also utilized in the field of biology and medical sciences. In the field of medical sciences, a major statistical test, called the t test, is utilized for testing the efficacy of a manufactured drug or injection.
Along with the uses of statistics, there also come certain limitations.
The first and most major limitation is that due to the association of statistics with mathematics, the theory of statistics is not used in the case of qualitative data directly. First, qualitative data is labeled in a quantitative form. Then, analysis is carried out on the data with the help of some 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 with the help of the theory of the statistics, one can misuse it because statistical facts can be manipulated or moulded in any format.
There are certain software languages that have been developed 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.