Few applications of Statistics in day to day life
- Analyzing customer shopping data, a shopkeeper can maintain the inventory for products in demand & thus increase sale.
- Analyzing report card data, the principal of a school can find out which section of a given class is weaker in a particular subject & thus can take corrective action.
- Demography of a country helps government to design policies for the people
- Analyzing factory data, a factory owner can decide how much to produce so as to minimize inventory & maximize profit.
- Stock market, Real estate, insurance sector heavily depends on Statistics.
- Captain of a team decide which player to select based on past data of a player using statistics.
Statistics is used in Lab experiments to find out experimental values after multiple observations