Statistics in Business Essay
Statistics in Business
Statistics is the science of learning from data, and of measuring, controlling, and communicating uncertainty; and it thereby provides the navigation essential for controlling the course of scientific and societal advances. Statisticians apply statistical thinking and methods to a wide variety of scientific, social, and business endeavors in such areas as astronomy, biology, education, economics, engineering, genetics, marketing, medicine, psychology, public health, sports, among many. Statisticians provide crucial guidance in determining what information is reliable and which predictions can be trusted. They often help search for clues to the solution of a scientific mystery and sometimes keep investigators from being misled by false impressions. Some examples that statistics are used are Statistics also provide the reasoning and methods for producing and understanding data. Statisticians are specialists, but statistics demands they be generalists, too.
One advantage of working in statistics is that you can combine your interest with almost any other field in science, technology, or business. Another is Studies of the environment require data on the abundance and location of plants and animals, on the spread of pollution from its sources, and on the possible effects of changes in human activities. The data are often incomplete or uncertain, but statisticians can help uncover their meaning. One last example is the future of many industries and their employees depends on improvement in the quality of goods and services and the efficiency with which they are produced and delivered.
Improvement should be based on data, rather than guesswork. More companies are installing elaborate systems to collect and act on data to better serve their customers. Statisticians must know more than statistics. A statistician who works in medicine or in a manufacturing plant or in market research must learn enough medicine or engineering or marketing to understand the data in their setting. Statisticians need the ability to work with other people, to listen, and to communicate.