Importance of Statistics in Daily Life

Statistics:

Statistics are defined as the observation or complete study, analysis and representation of any data in the world. The data can be related to science and technology,Industry, health,organization, reports, growth, populations, area,etc.,Various graphs like bar graph, Pie graph, Histogram are used to represent  the statistical data which give more lasting effect in the memory.

Importance of Statistics in Daily Life:

The term is studied in less in the syllabus of mathematics, but when come real life application understanding of statistic is very important. In all areas of life we come with use of word statistic. The  Statistic is studied on average term not on individual basis. It is being useful for analysis of an performance, financial investment, manufacturing and production unit in an organization and even the individual growth of development in day to day life can be analyzed using statics.

Application of Statistics :

Statistics is being used in daily day to day life.
  • In the field of science the data is experimented from sample design,analyzing the data and producing the final report of the data or samples.
  • Quality measurement and analysis.
  • Visualization of data.
  • Distribution and Probability of element in mathematics.
The measure of standard deviation for grouped data and ungrouped data can be carried out. To determine the relative coefficient  of variation and understand the variability 

Statistics is been measured under three terms
a) Range  b) deviation  c) mean deviation  d) standard deviation

Range: The difference between the lowest number and highest number is called as range.

Example: {1,2,3,4,5,6,7,8}
The lowest term is 1 ad highest term is 8. The range is 8 - 1 = 7

Deviation: Is the total difference of the term from the given term and and arithmetic mean value.

Example:  2, 4, 6, 8, 10, 12, 14

Score (x)   Deviation(x - X)   
 2  -18 
 4  -16 
 6  -14 
 8  -12 
 20 (mean = X)    


Mean Deviation: The average of the absolute values of the differences between individual numbers and their mean.

Standard Deviation: Is the square root of the arithmetic mean of the squares of the deviations from the mean.

S.D = $\sqrt{\frac{\sum D^2}{N}}$

where N is the number of terms.
D = Deviation