Why Statistics Matter

It keeps us up to date on what's going on in the world

Every year, on June 29th, the birth anniversary of Prof. Prasanta Chandra Mahalanobis, Statistics Day is commemorated to honor his outstanding contribution to the establishment of the National Statistical System.

He is regarded as India's father of modern statistics, having founded the Indian Statistical Institute (ISI), formed the Planning Commission (which was succeeded by the NITI Aayog on January 1, 2015), and pioneered large-scale survey methodology.

All this was aimed to:

o Popularize the use of statistics in everyday life and raise public awareness of how statistics may be used to shape and frame policy.

o To increase public knowledge of the use of statistics in socio-economic planning, particularly among the younger generation.

Why are statistics so vital in our lives? The mathematical equations that we use to measure situations are known as statistics. It keeps us up to date on what's going on in the world. Statistics are significant because we live in an information age, and statistics decide a lot of the information mathematically. It means that accurate data and statistical principles are needed. To be more precise about the significance of statistics in our lives, here are incredible explanations that we've heard many times:

· Weather forecasting is something that everybody pays attention to. Have you ever considered how you obtain the information? Some computer models are based on statistical principles. These computer models equate historical weather to current weather to forecast future conditions.

· The researchers are the ones who use statistics the most. They obtain relevant data using their statistical expertise. Otherwise, resources, time, and data are all wasted.

· What do you understand by insurance? Everybody has some kind of insurance, whether it is medical, home, or any other insurance. Based on an individual application some businesses use statistical models to calculate the insurance.

· In the financial market also statistics plays a great role. Statistics is the key to how traders and businessmen invest and make money.

· Statistics play a big role in the medical field. Before any drugs are prescribed, scientists must shows manifest a statistically valid rate of effectiveness. Statistics are behind all the studies.

· Statistical concepts are used in quality testing. Companies make many products daily and every company should make sure that they sell the best quality items. But companies cannot test all the products, so they use statistics samples.

· We make a lot of predictions in our daily lives. For example, we set the alarm for the morning even though we are unsure if we will see the light of dawn. To make predictions, we'll use simple statistics.

· Doctors predict diseases based on statistics concepts. Suppose a survey shows that 75% 80% of people who have cancer aren’t able to find the reason. When statistics are employed, then doctors get a better idea of how the disease (cancer) may affect a patient’s body (or is smoking the major reason for it).

· Based on political campaigns, news reporters predict the winner of elections. Statistics play an important role in predicting who will be in power.

· We can gather information from all over the world using statistical data. The internet is a tool that assists us in gathering knowledge. The internet's foundation is built on statistics and statistical abstractions.


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