What are your reasons for studying Statistics?

Statistics is widely used in modern times. Initially it was employed by the state to collect information on public affairs but it was not used in biology, meteorology, space research, economics, business, geography etc. Now-a-days, situations have altogether changed. Statistics is useful to bankers, workers, labour unions, trade associations, insurance companies, auditors, social workers; chambers of commerce, politicians etc. as it is clear from the following facts:

Uses of Statistics :

1. Useful to politicians : The politicians and their supporters are immensely interested in knowing their prospects of winning election. By sampling few voters prior to elections, the percentage of vote, the candidates will receive in the election can be worked out.

2. Useful to insurance companies:

Statistics is also very useful to insurance companies. Insurance premium rates are determined with the help of mortality tables which are based on mortality experience statistics.

3. Useful to economists : Statistics serves as a raw material to the econo mists in making certain economic laws.

4. Useful to Finance Minister:The Finance Minister is responsible for preparing the annual budget of the country. For preparing a sound balanced and growth oriented budget, he too will take the help of accurate and reliable data regarding the state of affairs. The accurate and reliable data are provided to him by statistics.

5. Useful to administrators:For an effective policy formulation of the state, the administrator must have full information of facts, the number of people living within the territory, total wealth of the country, agricultural and industrial production, price fluctuations and crime etc. All these infomations is supplied by statistics.

6. Bankers : Statistics is very useful for bankers and banking industry. Every bank has a statistical department. This department helps the bank to make its own policy.

7. Helpful to an average man:Statistics is very useful to an average man. It provides him factual knowledge. The average man comes to know about the prices in different markets. He also comes to know about national products and social, political and economic conditions prevailing in his own country. All these factual knowledge comes to him through statistics.

8. Useful to businessman:It is necessary for an efficient businessman to have the full knowledge of the factors which influence his business decisions. He must know the probable demand in future. He must calculate the cost of production. He must allocate the resources in such a way to get a maximum profit. All this can be done with the help of statistics and statistical methods.