Do you know teachers’ evaluation results and maintain attendance? Are you aware of the everyday occurrence of weather conditions? They all use statistics to derive and present data in the form of numbers. The practice or science of statistics is the wide-scale collection and analysis of numerical data, primarily for the goal of interpreting representatives. In simpler words, it is a field of mathematics that deals with gathering, analyzing, interpreting, and presenting vast amounts of numerical data.
Numerous applications and professions use statistics extensively. Statistics are performed whenever data is gathered and examined. This can involve everything from government organizations to scholarly study to investment analysis.
While statistics is a broad concept, it can be tricky to make students realize its importance. Students might instantly have questions about its usage since it involves numerous formulas, methods, and different processes to arrive at the final solution. In this case, realistic examples can be helpful to teachers and parents. Interesting examples help students connect with the subject from a different vision. They also get exposure to worldwide usage of statistics and how it impacts everyday living.
Given below are some interesting examples and applications of statistics concerned with real-life events that can help in getting the hang of the concept better.
Real-world applications of statistics
Students tend to engage with subjects when they are presented with a practical understanding of them. Statistics examples improve the knowledge about its application and usage in the real world. Check out how Statistics is used in the current scenario that can help students benefit from it.
1. Watch how health insurance includes statistics!
Statistics and probability are frequently used by health insurance firms to estimate the likelihood that specific individuals will incur a particular annual healthcare expense. For instance, a statistician at a health insurance company may utilize variables like age, pre-existing conditions, current health status and to calculate the likelihood that a specific person will spend $20,000 or more on healthcare in a given year.
2. Do you stock graphs? They use statistics too!
Stock market analysis is a well-known use of statistical analysis in practical situations. The investor or consumer who is eager to make an investment in the market often gathers all the widely available market data and conducts research and analysis on it using numerous statistical models. Graphs and numbers that require a thorough understanding of statistics are used to depict the stocks and their fluctuations.
3. The product you bought uses statistics for sales!
Have you met sales representatives at the departmental store? They always benefit from the highlight of different products. That’s because they also run on statistical targets. Every company regularly performs sales statistics research to enhance the way products and services are sold to customers. Sales tracking frequently entails feeding sales data into various statistical models, techniques, and algorithms before making decisions about the next step or plan based on the results.
4. Don’t just shop. Understand the stats!
Numerous consumer goods items make use of statistics. Since consumer products are commonplace commodities, firms employ statistics to determine which items are or are not in stock. To identify which shop needs the consumer goods and when to ship them, they also used data. Even sound statistical conclusions help the business to produce significant sales of consumer goods.
5. Traveling in summer? Statistics knows it!
Every country has the potential to profit from tourism. Statistics are used in the sector to calculate the number of arrivals, departures, traveler expenditure, and fatal accidents. Statistics aid the government in identifying tourist hotspots, categorizing local and foreign travelers, and identifying the industry that benefits most from tourism. Statistics support greater tourism and economic expansion.
6. Even Robots use statistics!
The invention, manufacture, and application of various robotic instruments and gear, such as robotic arms, robotic vehicles, and humanoid robots, is the main focus of robotics. In essence, statistical robotics uses a variety of statistical models and probability techniques to arrange the data gathered by the machine for use as a future and current reference, enhance its decision-making capabilities, and increase the effectiveness of its automatic operations.
7. Big decisions, big statistical data!
Statistics are important in governance because they help make decisions about things like health, population, education, and other things. It might be used by the government to decide which vaccine works best to defend citizens against the coronavirus. Using statistical information, the governments of various nations know their citizens better. They can monitor finance, consumer behavior, and other data.
8. Your savings are a part of statistics too!
Banking is a well-known example of a field that extensively depends on statistical analysis. Keeping track of the interest rates applied to each and every open bank account, monitoring cash flow, implementing new business strategies and policies, raising customer satisfaction levels, generating revenue, and forecasting transaction outcomes are all examples of managing cash and other valuable assets.
9. Winds change, stats change
Forecasting the weather is another practical use of statistical analysis. Estimating the possibility that a given occurrence will occur based on a collection of prior or historical data is the primary objective of weather forecasting. In order to perform weather forecasting with the highest level of efficiency, historical trends relating to weather and climate conditions, such as pressure value, air temperature, cloud appearance, wind speed and direction, precipitation levels, and frequency are captured in the form of sample datasets.
10. Your family data is statistics!
Census data or population records are another example of real-world applications where the use of statistics may be readily apparent. A lot of personal information about people, such as name, date of birth, residence, occupation, and marital status, is organized using census data. in order to identify the trends and patterns in the data that might be used to create proper plans and decisions for the economy and other important areas. Data from censuses and demographic statistics are also subject to statistical analysis.
11. Statistics beyond the globe!
Statistics is one of the primary elements employed in aircraft engineering. Statistics can be employed in many different contexts, like informing us of the pace of expansion and shrinking of a route. Statistics are also used to look at traffic growth and reduction, as well as the number of accidents linked to aerospace problems. Different airline companies use these statistics to assess how they can advance the aerospace industry in the future.
12. Know how teachers use it!
The use of statistics in education is advantageous because it allows teachers to act as researchers in their classrooms, identifying which teaching methods are most effective for certain students and understanding why. In order to establish if students are performing statistically as expected or not, they use statistics to additionally estimate test details. For instance, teachers can compute the average of students’ grades and use innovative methods to help students get better results.
13. Research is incomplete without numbers!
Do you know that research conducted across the globe makes use of statistics to derive results? Research enables the researchers to collect data, summarize, and also present it in a readable mathematical format. Whether it is researching the impact of a new product or collecting responses for an educational course, statistics play a major role in conducting research.
14. That was a shot. Statistics in sports!
Sports uses statistics in a plethora of ways. Every sport needs data to improve its performance. Statistics aid the athlete in understanding how well he or she performed in the specific sport. In order to draw a conclusion from the provided data, statistics are used. For instance, Covid-19 caused the Olympics in Tokyo to be postponed. Statistics help organizations and governments understand the number of people affected by the decision, and its impact and they can then derive solutions for the same.
Interesting examples of statistics can help transform the learning environment for students as well as teachers. Teachers also get an opportunity to make students aware of the current happenings in the world and how statistics play a major role in it. Apart from using these realistic examples, teachers and parents can always opt for different ways of introducing the concept of statistics.
Jokes related to statistics along with different quotes help them know about the subject matter from a broader perspective. Additionally, various games and activities can be included to make learning comprehensive for students. It is time to use these engaging examples and invite open discussion from students on the matter of statistics.