I hope you're doing well fellow learners. Today, we're going to take a look at how statistics is everywhere in our lives. Sit back and grab hold of your chair, this might be really surprising. Yes, even for you stats students.
As you might be aware, statistics is all about collecting, analyzing, organizing, and interpreting data. Yeah, all sorts of data. It's too hot today. The temperature must be 35 degrees. Or more.
Oh no. The stock market crashed and I suffered great loss. Need to make better investments.
Leo Messi is the best football player in the whole wide world. These are some very general talks. that you listen all day long.
And it is not limited to temperatures, money, scores of football games, and your father's tax records. When we talk about numbers and calculations, mathematical equations come in picture. And they bring statistics along.
Let's get right into it. First of all, let's talk about statistics and mathematics. Probability, dispersion, basic averages, and yes.
what percentage of marks you scored is all mathematics but the way you get involved in gathering the data and analyzing it before jumping to results is application of statistics in business planning in the last business class were you studying about the investment types then a few days ago there were some discussions about analyzing business targets and how to earn some extra pocket money that is also a part of the business plan of statistics. See? You have been talking about statistics without even realizing. In environmental sciences, when you talk about the temperature or the area that is being deforested, there are a few numbers involved. Right?
Not just this. When you talk about the aftermaths of carbon emissions or when you discuss the temperature of the day, the facts are statistically proven. Well, it is all statistics, and it has seeped in as an indispensable part in everyone's life. In healthcare, from taking complete details of the population with respect to demography and various other factors, to keeping a track record of your insurances and medical expenses, healthcare has been one of the main factors that have helped us to keep up with the pandemic. major fields that enjoys the applications of statistics.
Also, a record of your body temperature, blood pressure, and your overall physical health with the doctor counts as statistics. Statistics in finance. Yeah, your pocket money, expenditures, savings, and everything else associated with your financial health can also be managed via statistics.
Panning the focus to bigger things, even our governments rely on statistical data to make huge policies that affect millions of us. Statistics in banking. Banks operate on the assumption that not everybody who deposits money with them withdraws it at the same time. They lend them.
money out to people in need and charge a fixed amount recurring at a fixed interval of time. In the form of interest, they use statistical approach to make an estimate of the number of deposits and claims for a particular day or a period of time. Statistics and genetics. It has always been used as a method to draw inferences from genetic data obtained from a subject, or to study interconnection between several subjects and their traits.
You might find it hard to believe that there is a scientific field concerned with developing statistical methods for justifying some traits showcased by subjects, and drawing conclusions from genetic observations. Well, these have been some of the fields that utilize statistics to operate and to improve. Statistics is not limited to just these though. It's everywhere. Keep on looking for the beauty of numbers in everything.
Hope you learned something new today and enjoyed the process. Hit the like button if you did and subscribe to this channel to continue learning with us.