Statistics are numeric statements of facts that can be analyzed and interpreted, as well as the study of the methods employed for data collection, organization, presentation, analysis, and interpretation.
It is commonly stated that “statisticians are statisticians.” This explains why the scope of statistics is so vast and encompasses such diverse disciplines as Economics, Commerce, Trade, Industry, and Agriculture. Physical sciences, biological sciences, astronomy, psychology, and numerous others.
Wide Scope Of Statistics 2022
The scope of the statistics can be explained by the following points:
STATISTICS AND THE STATE
A number of words have been incorporated into the word Statistics, including:
- Latin word ‘Status’
- Italian word ‘Statista’
- German word ‘Statistik’
- French word ‘Statistique’.
All of these terms mean “political state” or “craft of the statesman.” This indicates a close relationship between statistics and the state. In antiquity, statistics was known as the Science of Kings or the Science of Statecraft and was related with the following:
- collection of population statistics
- Deaths and births tally
- Area under land cultivation
- Quantity of crimes
- Military might and associated missions.
At present, however, almost all government departments and ministries use statistics, including the Finance Ministry, the Agriculture Ministry, the Defense Ministry, the Industrial Ministry, and many others.
EXAMPLE: Using statistics to formulate poverty alleviation policies, population control policies, inflation control policies, and money supply policies.
STATISTICS AND ECONOMICS
Economics is also included in the scope of Statistics. For understanding the world, statistics and its methods are used
- Theories of economics
- Problems with the economy
- Formulation of economic policy
- Planning the economy
- Planning a budget
- Accounts of national income
- Trade abroad, etc.
On the basis of data available, statistics helps understand the intensity of an economic problem and develop solutions for it.
EXAMPLE
- Commodity prices, production volumes, imports and exports are all studied by index numbers.
- A time series analysis examines the behavior of prices, production, consumption, and money in circulation, as well as firm sales.
STATISTICS AND ECONOMETRICS
Econometrics is one of the most contemporary economics disciplines. It uses the principles and techniques of Statistics and Mathematics to construct models for the examination of economic problems, and then delivers solutions for all of them.
EXAMPLE:In Econometrics, Linear Regression models are developed to examine the impact of numerous demand drivers on product demand.
STATISTICS AND NATURAL SCIENCES
The natural sciences include biology, zoology, medicine, meteorology, and so forth. Statistics are useful in the field of physical sciences since the experiments undertaken in this discipline are based on descriptive statistics-collected data. Statistics is utilized for both data analysis and conclusion drawing.
STATISTICS AND PHYSICAL SCIENCES
The physical sciences include Geography, Geology, Astronomy, and Physics, among others. Descriptive statistics is used to present complicated phenomena in these fields of research in a fairly simple numerical format. Statistical procedures are used to examine the data and provide conclusions.
EXAMPLE: Using statistics, temperature data over the years can be collected and analyzed in geography.
STATISTICS AND SOCIAL SCIENCES
The statistical approaches are also applicable to the disciplines of history, sociology, education, and psychology, among others. Utilizing statistics, researchers in this subject conduct several studies.
EXAMPLE: Statistical analysis is used in politics to evaluate government programs.
With the aid of descriptive statistics, the history discipline maintains a record of all past occurrences.
STATISTICS AND RESEARCH
The Scope of statistics encompasses research as well. Without the use of statistics, any type of study activity is incomplete. It plays a crucial role in the empirical analysis of the laws and ideas of several academic disciplines. It helps verify the practical applicability of the laws and theories of numerous academic disciplines.
STATISTICS AND PLANNING
ACCORDING TO TIPPET
“Planning is the order of the day and without numbers, planning is inconceivable”.
The phrase of the Tippet accurately highlighted that the data and planning are vital.
STATISTICS AND INDUSTRIAL MANAGEMENT
The scope of statistics also extends to the sphere of Industry. Statistical Quality Control is a part of Statistics that deals with ‘Quality Control’ of produced goods. With the use of probability theory and sampling methods, control charts and inspection plans are produced.
EXAMPLE: ISO (International Standard Organisation) has prescribed certain statistical procedures to be followed to receive an ISO series certificates which have broadened the scope of statistics.
STATISTICS AND BANKING
Banking uses statistics for a variety of purposes, such as
- Interest rate fixation
- Loan advancing
- Recovering
- Creating new branches, etc.
Also, credit policy is determined by the amount of money in the economy and the amount of money in demand.
STATISTICS AND INSURANCE
Insurance premium rates are determined using probability theory, which is a tool of statistics. With the help of statistics, life expectancy tables can also be generated.
STATISTICS AND COMMERCE
Statistics is also beneficial in each and every action that is included inside the framework of the commerce. Business activities that use it include:
- Production Management
- Financial Analysis
- Demand forecasting
- Marketing
- Costing
- Manpower Planning
- Market Research etc.
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CONCLUSION
Apart from the previously listed domains, the scope of statistics also extends to the fields of Chemistry, accounting, Sociology, engineering, auditing etc.
It is vital in boosting human welfare and as such is a master key that enables us to tackle the issues of mankind almost in every sphere.