Brief definition Statistics is one of the branches of Mathematics that deals with collecting, presenting, analysing, and interpreting data. In other words, it involves gathering information, making a summary of the results and deciding on it. It is also divided into two groups which involve descriptive and inferential statistics. It involves interviews and questionnaires to collect data, tables to organize and summarize the data, calculations and conclusions based on the results.
Importance of the Topic Since Statistics is present not only in math subjects but also in many different fields, it can be helpful in planning and deciding in business, economics, medicines and even a person in many different ways. It keeps us informed about what is happening around us and be aware of the things which are true or not and have a basis. Statistics can also be used to analyze and predict things. It is also a helpful tool for a person to be organized about the information he receives, how to deal with it, and how to make a good decision.
Application of the Learned Topic in Life Statistics plays a vital role in a significant number of different fields. For example, you can plan the production based on the average number of sales per month in business. It can be used to decide a marketing strategy and estimation of the profit and many more. In economics, Statistics is used to see the relationship between supply and demand. In medicine, before any vaccine is used, scientists must prove that it is effective. Statistics can also be applied in astronomy, accounting, banking, management, social sciences, and many more with the examples above.