Statistics Assignments are one of the most complex assignments as far as academic subjects are concerned. Statistics can be taken as an advanced version of mathematics. It is the science and practice of developing knowledge through data through quantitative techniques. It processes databases into meaningful information on the basis of which decisions can be taken. It is applicable to various academic disciplines like finance, insurance, economics and business. With advancements in techniques employed in statistics, it can be applied to various other fields.
Applications for Statistics:
There are various applications of Statistics. The major ones are listed below:
- Application in Business: When applied to business, it is called Business Statistics. It is a specialized area of Statistics which helps in the business setting. It is mainly used in quality assurance, production and operation management, financial analysis etc. It has developed new ideas and understanding of business performances and opportunities.
- Application in Demography: Demography is the statistical study of populations. Any population can be studied in this regard for its various characteristics like growth, decline, transition, migration and much more.
- Application in Econometrics: It is a recent science or branch of economics which applies statistical methods on empirical data for the study of economic theories and relationships.
- Application in Environmental Statistics: It is the application of Statistical methods to environmental studies. Both biotic and abiotic components like plants, animals, air, water, soil etc are taken into consideration.
- Application in Epidemiology: Epidemiology is the study of all the factors which affect the health and well being of populations. It serves as a foundation and intervention made in preventive medicine in favour of public health and hygiene.
- Application in Operation Research: Operation Research is a branch of applied mathematics which uses various interdisciplinary methods of mathematics like mathematical modelling, statistics and algorithms to arrive at the most appropriate solutions to complex data involving problems.
- Application in Quality Control: Quality Control in an organization refers to reviewing all factors which involve manufacturing and production. It makes use of statistical sampling of the items to be produced to help in decision making for process control or production management.
- Application in Statistical Finance: It lays emphasis on using statistical models on collective properties of financial markets.
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