Mastering statistics and concepts such as proportion estimation will require a lot of study. This can be quite challenging given all the equations you have to understand. There are many who find it difficult. Then again, statistics can be used for many kind of tasks. The following are some of the reasons why understanding statistics is important.
The concepts can be used to make predictions. It is impossible to know what is going to happen in the future but when you understand the numbers, you will have an idea. This is done by observing a part of the population and then assessing the data derived from these. A pattern may emerge so that you will know the chances of something happening.
Businesses also benefit from the use of statistics. In order for a company to succeed, it will have to ensure that it products are appealing to the public and that its services meet the customers needs. By making a study of the population, they will be able to streamline their offers and make it as attractive as possible.
When the company wants to remain competitive, then it will have to gather data about its workers and their functions. These data and the use of statistical tools will help in assessing if everyone is being productive and if processes are efficient. Leaders will also be looking at the numbers to determine what the company should focus on next.
Statistical tools are also used in research by scientists. It can be used to observe the behavior of animals for example or evaluate their reactions to a certain stimuli. Those who are studying diseases will be able to determine which treatments are working or not. By using statistics, one will be able to observe and conclude.
Sometimes it will be difficult to identify what conditions influence the occurrence of an event. An event may be caused by something in the environment, presence of a substance, and so on. By looking at the data, one will be able to see which factors are related. This will be useful when you want to change something or get specific results.
Using statistics can also increase credibility. You will see many of these numbers being offered in the news and other such publications when statements are being made. With data presented, one can give the assurance that the claim was not made without basis. The data also makes it possible for the consumers to ascertain if they should take the statement seriously or not.
What one has to remember with statistics is that it can have limited accuracy. Though it offers the opportunity to process data and make sense out of it, there could be biases present. Since only a part of a population is evaluated, the conclusion drawn may not be applicable to another part.
Proportion estimation and statistics play an important role in society. It is a tool that can help one study a large amount of information and process it. One will be able to determine relationships and gain a better understanding of an event. It can also help in coming up with predictions. It is highly useful for decision making.
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