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IMPORTANCE OF STATISTICS

                                            Mathematics is a subject which stays with us in our day to day life. This is mainly due to the numbers involved in our life. From the time we wake up till the time we sleep, numbers comes plenty in number. Mathematics is a ocean and part of that big ocean is statistics. It is always important to maintain the records and analyse them. This is being done by mathematician and statistician. The main requirement of statistics is used to compute the various data collected and analyzing them to obtain a result and come to a conclusion.

                                           It is always very difficult to analyse data and bring a conclusion to it manually. so we use various statistical tools. But, we have to undergo a proper training to work out with these tools. The decision making is an important activity both in a company as well as our day to day life matters also. so, in modern business, statistics plays a vital role and helps in critical decision making.Not only in business, it plays a crucial role in various other sectors like banking, administration, accounting , astrology to name a few.

                                          The GDP and the economic progress or development of a country is being calculated with the statistical analysis. Precision and accuracy are the two important characteristics that can be achieved with the help of statistics. The interest rate, amount to determine poverty line are some of the economic decisions that can be arrived with statistics. In chemical research , the analysis of composition of each and every chemical is analysed by statistical determination. It is also used in various fields of research and is expanding on others fields of life also. Such is the importance of that subject, but many people are finding it boring, People must realize its importance and ensure that the subject is made to utilize in a productive manner.



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Location: Sri Lanka

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