1.1 Definition of Statistics
It can be defined as a study that involves collecting, organizing, analyzing and interpreting information that is in numerical form from a give data.
A kind of statistics which involves collecting, picturing as well as making a summary of the information from given data is referred to as descriptive statistics.
Inferential statistics is one that involves using information contained in a sample to make conclusion on the population under study.
1.2 Occupational application of statistics
Statistics has various applications, for instance to my occupation as banker in the credit section I normally use statistics to study the behavior of credit consumer in the bank. The type of statistics occasionally involved here is inferential where data is usually collected for a period let’s say a month on consumers. After analyzing this data some inferences are drawn that may help future planning. For instance you can find that in a given period many consumers take loans in large quantities while in the other periods there is greater variation. In addition to this I apply statistics in determining the performance of credit facilities on the market in relation to other fellow competitors. It is very relevant because it helps the company gauge its progress and in any case change its operation if the existing ones are not such efficient or productive as per the objectives.
This is very significant for bank planning in terms of management of resources. Seasonal variation is thus an important factor to considerwhich amount should be available to meet demands for our customers as drawn from statistical study.
1.3 Applications of Statistical major
Statistics major can include fields in economics. Advanced data analysis is majorly employed in this area. In this case statistics is mainly used to measure indicators of the economy such as trade activities, the size of labor force and the current standards of living. In addition to this it can be applied to measure both long and short forecasts of the economy such as fluctuations in pricing.
The type of statistics used in this case is most of the time descriptive where quantitative data is collected from the field, organized and then analyzed using statistical instruments such as mean, standard deviation, variances, mode etc.Analysing can also be done graphically using economic models. Summary information is made on these data. However, inferential statistics is also important in this case especially in drawing conclusion to some data. For example how is inflation related to price, employment or how will consumers behave when prices of normal goods change etc.
Statistics is a practical field that applies to many activities in our life. Its useful is exceptional and the skills acquired can be applied for beneficial gains especially in businesses where a lot of data is required to be collected and analyzed to understand the progress of the activities.Moreso,researchers with statistical knowledge benefit a lot in various developments in the country as well as world programs. Therefore statistics is a field that should be upheld for progress.
Hahn, G. (2011). A career in statistics beyond the numbers. Hoboken, N.J: Wiley.
Poirier, D. (1995). Intermediate statistics and econometrics a comparative approach. Cambridge, Mass: MIT Press.
Bulmer, M. (1979). Principles of statistics. New York: Dover Publications.