Uses of statistics
Uses of statistics are as follows:
- Statistics is the subject which is helping us to have a better understanding. Apart from that , it also helps us to derive phenomenon's description of nature.
- Statistics helps in proper planning of a inquiry in any field
- It helps in presenting a complex data, either in tabular, graphic, or diagrammatic form for clear understanding the data.
- It helps in understanding the nature and pattern of variability of a phenomenon through quantitative observation.
- Almost every fields of study benefit from the study of statistics
- In the field of auditing, it helps us a lot. Let us consider the following example to know its uses in the field of auditing.
A large scale industry is paying 11,500 invoices per month to the people who are supplying goods. The industry has come to know that some of the invoices have been paid not correctly. But , the industry is not knowing how far the problem is being speeded. The resources which are existing is lack to the auditors to verify the invoices being paid. In this situation, the industry decides to have a sample in order to have estimation of the proportions which are not correctly paid. In the above mentioned example, to do estimation and solve the problem, they use statistics. This is one of the examples of how statistics is being used in the field of auditing.
- In the filed of marketing also, it is often used . To know its uses, let us consider the following example.
A consultant who is in the field of marketing has been asked to know customers who are coming repeatedly to a retail store and also he is requested to give some suggestions for opportunities in marketing. To do the above work, the consultant has to have a close watch of the customers and know the customers who are coming repeatedly and collect the data of their preferences in order to meet the above demand. When the consultant does the above process, he needs to use stat.
Uses of Statistics to Home