"Statistics affects everybody and touches life at many points". Explain

statistics

#1

Statistics is widely used in modern times. Initially it was employed by the state to collect information in public affairs but it was not used in different spheres of man’s life. Now a days, statistics is used by workers, labour unions, traders, insurance companies, auditors, business men, politicians etc. This is clear from following facts:
(i) Useful to politicians : The politicians and their supporters are immensely interested in knowing their prospects of winning election by sampling few voters prior to elections, the percentage of vote the candidate will receive in the election and results can be worked out.
(ii) Useful to economists: Statistics serves as a raw material to the economists in making certain economic laws.
(iii) Useful to finance minister: For making sound and balanced annual budget of the country, statistics plays a very important role. He too takes the help of accurate and reliable data regarding the state of affairs which is provided by statistics.
(iv) Useful to bankers : Statistics is very useful for bankers and banking industry. Every bank has a statistical department that helps to make its own policy.
(v) Useful to an individual : Statistics is very useful for an individual. It provides him factual knowledge of prices of commodities in different markets. He also comes to know about the national products of social, political and economic conditions.
(vi) Useful to businessmen : It is necessary for an efficient businessmen to have the full knowledge of the factors which influence his
business decisions.