Statistics is the discipline that concerns the collection, organization, analysis, interpretation and presentation of data. In applying statistics to a scientific, industrial, or social problem, it is conventional, to begin with, a statistical population or a statistical model to be studied. Statistical knowledge helps you use the proper methods to collect the data, employ the correct analyses, and effectively present the results. Statistics is a crucial process behind how we make discoveries in science, make decisions based on data, and make predictions. Currently, the need to turn the large amounts of data available in many applied fields into useful information has stimulated both theoretical and practical developments in statistics.
In economics research, statistical methods are used to collect and analyze the data and test hypotheses. Statistical methods study the relationship between supply and demand; imports and exports, inflation rates, and per capita income are problems which require a good knowledge of statistics.
(1) Statistics helps in providing a better understanding and accurate description of a phenomenon of nature. (2) Statistics helps in the proper and efficient planning of a statistical inquiry in any field of study. (3) Statistics helps in collecting appropriate quantitative data.
Statistics are used behind all the medical study. Statistic help doctors keep track of where the baby should be in his/her mental development. Physician's also used statistics to examine the effectiveness of treatments. Statistics are vital for observation, analysis and mathematical prediction models.