Importance of Statistics

Importance of Statistics

• Data are abundant and statistical techniques are used to make decisions that affect our lives
• Regardless of career, understanding statistical methods is essential for making effective professional decisions involving data

Definition of Statistics

• Statistics is the science of collecting, organizing, classifying, presenting, analyzing, and interpreting numerical data to derive valid conclusions and make reasonable decisions
• Sir Ronald Aylmer Fisher is known as the 'Father of Statistics'
• Kazi Motaher Hossain is known as the 'Father of Statistics in Bangladesh'
• According to R A Fisher, statistics is a branch of applied mathematics, applied to observational data
• According to W I King, statistics is the science of decision making in the field of uncertainty

Definition of Business Statistics

• Business Statistics is the systematic practice of collecting, analyzing, interpreting, and presenting data relevant to business operations and decision making
• It serves as a critical tool for organizations to gain insights into their performance, market dynamics, and customer behavior
• Business statistics involves applying statistical methods and techniques to uncover patterns, trends, and relationships within data
• Business statistics helps businesses understand their present situation and make future projections, enabling them to make informed decisions, set goals, and optimize processes

Learn why statistics is crucial in making informed decisions in your career and everyday life. Understand the role of statistical methods in data analysis and interpretation.