The Importance of Statistics in Today's World
Many people disregard the importance of
statistics in today’s world. “Statistics is the science that deals with
the collection, classification, analysis, and interpretation of
numerical facts or data, and that, by use of mathematical theories of
probability, imposes order and regularity on aggregates of more or less
disparate elements.” (Dictionary.com).
How
exactly would we know how to make decisions without statistics?
Statistics gives numbers meaning. And these numbers become vital
information to our lives. If we pay close attention, we will see that statistics is everywhere. It is difficult to encounter an article that does not give us some sort of statistical information. In “Airfares Made Easy (or Easier)”, Mr. Etzioni (professor or computer science and engineering) has used statistics to develop a program that will assist customers into finding cheaper
airline rates based on how soon they will want their tickets. Without
statistics such program would not be viable. Tools like these have been
utilized everywhere on the internet. And even though most people do not
realize it, it is through the use of statistics that they are made
possible. In “The Chemistry of a 90+ wine”, statistics is being used to help detect quality of wines. Enologix,
the company responsible for doing such thing, has a database containing
information on thousands of wines from all over the world. “McCloskey
looks at secondary chemicals (like terpenes, phenols and anthocyanins),
which, in affecting more nuanced characteristics like texture, aroma,
taste and color, are more closely associated with quality.” said David
Darlington.
Statistics is your daily life.
If you want to check your average propensity to spend, you can do so.
You simply collect data, analyze it, classify it, interpret the numbers
and you can come up with an answer. If you want to check your marginal
propensity to spend you can do so by using the same method. With the
economy the way it is, I think everyone is analyzing how much they are
spending and better yet, how much they are saving.
The
economy is another example. We are able to see how the economy has been
doing throughout the years. If you look at a graph showing you numbers
for different years. Guess what? That is statistics. We can see when it
is thriving or when it is down with a simple look at a graph. We make
predictions as to when it will improve based on GDP, unemployment and a
many other assumptions based on information provided to us via
statistics.
If we check the weather it can involve statistics. If you want to check the average temperature for today you can do so through the use of statistics. Not just average, but coldest or hottest temperatures on same day in previous years. Weather forecasts and so on.
I
work for a luxury outerwear company that server as both retail and
service. We not only sell, but we also provide services such as
cleaning, storage, remodeling, repairs and so on. We use statistics
every day. We have hundreds of customers on our
database and without a statistical program to help us assess the
information needed, who knows if it would even be possible. Depending on
what it is, it could take hours, days or even weeks to get to the
information needed. Not to say that we’d need a ware house just to store
customers’ files along with new personnel to come up with the
information desired. If we want to know the
percentage of our customer list that is active we can do so. If we’d
like to know what percentage of our customers have purchased new items
from us this year, it is doable also. It also shows customers who have
not purchased new items, but have used our facility either for storage,
cleaning, remodeling and repairs. It shows percentage of yearly sales
base on these 4 categories. It shows the amount
of inventory available or sold. It shows how much a customer has spent
over the years in our store. You can even go to the point where it shows
activity of costumers by where they live. If we want to run a sale we
know exactly which customers to target. If we want to know which are our
most important customers based on spending, we can do that also.
Without having statistics how exactly would all this be possible? If we
did not have programs that utilized statistics to do these sorts of
things, I do not even want to imagine how much harder life would be. It helps improve business. It helps draw business conclusions or help us make predictions. It helps us know where we stand.
T
o have anyone say or think that statistics is irrelevant in today’s
worlds is nothing, but pure ignorance. It literally is everywhere. And
without it, we would be in big trouble.
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