All about Statistics – A deeper insight

Statistics is a subject loved by some and hated by others. However apart from just loving or hating the subject for whatever reason it may be, we cannot deny the fact that statistics has surely made life a lot easier for all of us. If it was not for statistics, data representation would have remained to be calculative intensive and several problems would not have come up with a solution. The statistical information can be used to explain unexplained phenomenons and also to make comparison between things that were thought incomparable. The use of statistics is immense in today’s world.

Statistics has a very unique characteristic, it can interpret data both qualitatively and quantitatively and can deal with uncertainty in a very certain manner. Topics like mode, expected average, standard deviation, distribution, confidence interval, probability all help a lot in the financial world for example. But these and more concepts are certainly used in many other fields as well. Unlike other scientific subjects which, at times, are very theoretical, statistics can be easily applied to any given field. Even a sociology professor who is doing a research on, for example, sex workers in the society will in some time or the other come up with numbers and will use statistical tools and software to find patterns and extrapolate forecasts.

To name a few software, we have Minitab, SPSS, SAS, RATA, STATA, Matlab and a few other sophisticated statistical tools that help making calculation easier. For example the IBM SPSS® software platform offers advanced statistical analysis, a vast library of machine-learning algorithms, text analysis, open-source extensibility, integration with big data and seamless deployment into applications. It’s easy to use, flexible and scalable and, as such, it is accessible to users with all skill levels and outfits projects of all sizes and complexity to help. In the process of making charts and bar-diagrams it is very often used for evaluating a lot of information. Minitab® on the other hand is a statistical software that helps to make calculations easier with automation and creation of graphs, allowing the user to focus more on the analysis of data and the interpretation of results. This software was first programmed in the year 1972. Lastly the other famous software being SAS®, which is is a software suite developed by SAS Institute for advanced analytics, multivariate analysis, business intelligence, data management, and predictive analytics. Even mathematics, like the calculation of a determinant or a matrix is made easier with the help of these software. Thus statistics as a whole has a lot of applications in the academic as well as the corporate sector. Students to teachers and even professionals use it in their daily life. Statistics has indeed proven to be a boon for the society as a whole. Thus it is to one’s advantage if one knows statistics as this can be used in all sectors of the economy.

Add a Comment

Your email address will not be published.