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What Are the Real-World Applications of Statistics?

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Applications of Statistics

Statistics has a bad reputation for being a boring and difficult subject. However, the skill of collecting, organising, analysing, and reporting data has come in real handy for humanity. There are an endless number of possibilities with statistics if we just apply it correctly. So, let’s stop giving this subject a hard time and instead celebrate how much it’s helped to advance society. Here are some of the main real-world applications of statistics:

Healthcare Analytics

Statistics are crucial to the development and delivery of public healthcare. However, it has only been in recent years that health and medical organizations have started using analytics to their full potential. For example, statistics have highlighted how factors like race, age, gender, or nationality can impact our wellbeing. Without this knowledge, we would not be able to correctly tailor medicine to everyone’s needs. Statistics have also helped to catalyse medical research and treatment development. As well as this, humanity is much better at evaluating the risks associated with certain procedures or pharmaceuticals. For instance, analytics have highlighted that people who are taking high blood pressure medications shouldn’t also take melatonin supplements.

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Sporting Industry

The sporting industry has multiple uses for statistics. For starters, researchers leverage statistics to determine the most effective practices in certain sports. In swimming, for example, it has been established that tumble turns are faster than push turns, thanks to analytics. The sports betting industry also benefits from using statistics to determine odds before matches. Online casino sports betting predictions tend to be based on the past performances of certain teams and players in various circumstances. Interestingly, their statistics have highlighted that competitive teams generally play better at home games than away games.

Government Offices

The government cannot make changes without solid evidence to back up these decisions. They also need to constantly evaluate the effectiveness of their strategies to ensure that everything is operating as it should. As such, government offices will use statistical analysis for the implementation of their policies – especially those pertaining to health, education, and population. The government also collects statistical data which can be used by other sectors. Data from the national census, for example, might be employed by poverty associations to determine which areas and social groups suffer from the most deprivation. With this information, they know where to focus their efforts, so they can bring about real change in the country.

Large Businesses

Mega corporations also use statistics to their advantage. Data analytics can help with everything from asset allocation and employee performance to market research and customer service. The largest businesses can even afford to employ whole departments of statisticians to ensure that their operations are at optimal efficacy. Statistics can thereby grant companies a competitive advantage, ensuring they dominate in their chosen market.

These are some of the main real-world applications of statistics. Once you start looking, you will realise that data analytics are everywhere. So, make sure to never underestimate the power of this seemingly boring subject ever again.

 

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