About Statistics and Why It Is Important

Statistics are present in almost every aspect of life. As a primary form of mathematical analysis, statistical data influences everything from insurance rates to consumer economics. Learn more about why statistics careers are fun and highly coveted among professionals.

About Statistics

Statistics are the most transparent way you and I can visualize and make sense of numbers. The process of using data to make sense of a phenomenon or activity is what is known as statistics. Studying statistics can lead to exciting careers and provides examples of the most advanced mathematical processes you and I see every day.

Statistics is the process of collecting numerical data through analysis to determine the relationship between one or more things, people, or behaviors. By presenting the findings as numbers, statisticians can make adjustments, predictions, and recommendations of different ways to approach a given problem. By doing so, statistics serve as an essential tool for professionals across all major fields of work.

There are several opportunities for you through statistics. Let’s talk about the field of study and why so many choose to take courses on it. First, learn about what sort of situations in which we use numbers and data to analyze different phenomena.

What do statistics offer us?

Statistics are helpful for fun things like an athlete’s chance of winning to severe matters like infant mortality rates. Numbers provide a clear blueprint with which professionals can make assessments on actions and behaviors. Companies utilize statistics to achieve more profit. Likewise, numbers help inform insurance adjusters the risk of protecting a teenage driver.

Statistics offer us data sets for current findings and future potential outcomes. Many careers include some element of stats, and others solely focus on the subject. On some level, we run into statistics every day, even if it’s just a poll showing the public’s opinion of the president. Overall, numbers are the most precise way for people to see how well or poorly something is doing.

As one of the most interdisciplinary fields to study, everyone benefits from studying statistical analysis. Despite a level of uncertainty in the findings, experts look to statistics to be empirical proof of how something or a person’s performance is going. A lot of detail goes into high-level statistical analysis. In other cases, a simple yes or no questionnaire can provide quantitative data. No matter what, statistics play a vital and fun role in developing understanding in several fields of work.

What are some examples of the subject?

You can find several examples of statistics in the real world. A commonplace we see statistics in popular culture is sports. Most baseball players earn praise or criticism on their batting and fielding statistics. In this instance, we can see examples of different uses of statistics.

Numbers can help to both describe and infer things about the behavior of a subject. If a batter hits the ball three times out of ten, we can use descriptive statistics to describe their batting habits. On top of a batting average, we can calculate how often they strikeout, hit a home run, or earn a base on balls. We can also use inferential statistics to predict their performance. If a batter hits .300 for five seasons, then we can predict they will do it again in the future.

Baseball is a fun example, but the numerical analysis assists in severe subjects like insurance and healthcare as well. Different variables can be put into numbers systems to determine how likely someone is to develop a deadly disease. Additionally, politicians use voter demographics to determine the percentage of people that vote for them. Statistics offer a roadmap to adjust and adapt behaviors and actions to receive a better outcome.

Careers in statistics

A career in statistics looks a little different for every professional. For one, the job market in this industry is not one-dimensional. Professionals work in several sectors, including politics, actuarial fields, finance, and even marketing. The importance of this subject you should know is that every industry uses stats one way or another.

Some examples include companies using statistics to analyze their performance. In this case, they don’t necessarily use numbers to complete their job. Instead, they collect data to monitor the state of their current efforts. For other companies, mathematical data collection helps to determine future projects and direction. Overall, numbers help determine the present and future of a company’s performance.

Experts expect careers in statistics to rise by 34% in the next decade. Overall, that makes it one of the fastest-growing career paths. From government and politics to healthcare and insurance, statistical analysis helps to keep significant institutions running at maximum efficiency. Even banking and finance stats careers are growing, so now is a great time to start studying this subject.

Is the subject fun to learn, and is it important?

Statistics offer a lot of fun careers and opportunities in the job market. A few examples of statistics jobs you and I don’t usually relate to the subject are meteorology and vehicle safety inspections. Any time numbers are used as analytical data to claim consumers, and a statistician is at work. The growing reliance of data in our digital society means the subject is expanding in scope and importance.

Some of the most important fields of work involve this subject. A lot of the most fun jobs in the field use statistics as a primary source of analysis and data collection. If you think about all the places we use statistics, then you realize how important the subject is to learn. Many see data collection and analysis as fun because of the implications findings have for everyday life. For example, consumer statisticians use numbers to decide how to sell things like breakfast cereal and sports drinks.

The wide variety of examples of statistics jobs makes the field an enjoyable profession. No matter what you are interested in, you can likely find a way a job that uses statistics. With many options, most people engaged in learning the ins and outs of statistical analysis have their choice of roles and industries. If you think this might fit your interests, then you have a lot of great resources to utilize here on Dave4Math!

FAQ

Find out more about the uses and careers in statistics to better understand the field of study. Here are some ideas with which to begin!

Why do we use statistics?


Statistics allow experts to quantify and define a phenomenon found in nature or the world. We use statistical methods to analyze anything that occurs and predict what might happen based on observed knowledge and findings. By using mathematical equations to quantify things and events, statisticians offer data to explain and improve the relationship of various things.

What kind of jobs do statistics majors get?


Statistics majors take jobs in a variety of fields as analysts, advisors, and researchers. Overall, consumer economics and insurance are two of the highest-grossing job markets for statistics students with a college degree. Other popular jobs include actuarial science, investment firms, and data science. A statistics degree is one of the most versatile forms of higher education.

How do we know the difference between statistics and probability?

The difference between statistics and probability is the time at which researchers use mathematics to calculate the data. Statistics uses to observe and analyze past events. The latter allows experts to predict future events based on related statistics which professionals collect. The main difference between statistics and probability is what sort of data you receive after analyzing information and scientific findings.

Does a career in statistics pay well?

A career in statistics does pay well, and the median salary for statistics professionals is $79,150. About 25% of statistics careers pay over $100,000, with insurance professionals making slightly less than healthcare or investment employees. Because of the robust jobs market for statistics degrees, young professionals can expect to make good money throughout their career.

David A. Smith at Dave4Math

David Smith (Dave) has a B.S. and M.S. in Mathematics and has enjoyed teaching precalculus, calculus, linear algebra, and number theory at both the junior college and university levels for over 20 years. David is the founder and CEO of Dave4Math.

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