Application

of statistics in different Field

Statistics

is a part of mathematical science to collection, analysis, interpretation, and

presentation of data. A number of types have evolved to apply statistical and

methods to various disciplines.

List of fields of application of

statistics: –

1.

Actuarial science: –

It has been applied on statistical & mathematical method too access the risk

in insurance etc finance and other industries and professions in business.

Actuaries are those professionals persons who are qualified in this field

intense education and experience..

2. Economic

Statistics: –

Economic

statistis is applies in statistics that concerns the collection, processing,

and analysis of economic data so the data of concern to economic statistics may

include those of an economy of region and country and or group of countriess. Economic

statistics may also refers of official statistices for data produceded by

official organizations national statistical services, intergovernmental

organizations stats is plays an important role in economics.statistical methods

are used for preparation of these accounts. After research in economics the

statistical methods are used for collecting and analysis the data and testing hypothesis.

Mathematics

Statistics: –

Mathematics

Stats the Statistical is an important’ role in all natural & social

sciences, which was original imagine as the science of the state the collection

and analysis of facts about a country it has ( economy, land, military,

population etc.) These Mathematics Stats techniques is being used for this

include( linear algebra, mathematical analysis, differential equations). large

number of statistical methods like (probability averages, dispersions,

estimation is used in mathematics ) & different techniques of pure of mathematics

like (integration, differentiation and algebra ) are used in statistics.

Data analysis is divided into two

stats

Descriptive statistic

It is

branch of science that focuses collecting, summarizing, & presetting a set

of data. It is utilizing the numerical data and graphical method’s.

Example: –

If

select one tree the total numbers of olives are count 4000.

Green

:3000 olives

Black

:1000 olives

Green

:75%

Black

:25%

Inferential Statistics:

It is

branch of statistic want to know about a large group called population, gather

data from the population sample, sample is randomly chosen from population. The

analysis of sample data to draw conclusions about a population.

EXAMPLE:

5 trees

from grove

Count

:21000 olives

Green

:14000 olives

Black

:7000 olives

Green

:67%

Black

:33%

Application of stats in Banking:

Statistic

plays is important role in banking now a days , all Banks are used statistics

some of banks many numbers of purpose. Banks works on the her principal that

all the peoples who deposit their cash with bank & don’t withdraw at the

same time.so, the bank make earn profits of these deposits by too other on

interest. Bankers is used statistical’s approaches so they based on probability

to estimated the num of depositors and their claims for a certain day.

Econometrics : –

The Econometrics

is the branch of statistical methods applicable to economic data and is

described as the branch of economics that aims to give empirical content to

economic relations

The

first known use of the term Econometrics was inventing by Pawel Ciampa n 1910.

Basic Models oF Linear

Regression

Basic

tool for econometrics is the multiple linear regression model. In modern

econometric statistical tool are used frequently, but linear regression is a

most frequently used of point an analysis.

Environmental statistics

Environment

stats is a type of statistical method and environmental sciences. It covers

produced to dealing with questions concerd are both the natural environment in

the interaction of humanity with the environment so (weather, climate, air and

water) quality are included , as are studies of plant and animal populations.

United

Nations Framework for the Development of Environment Statistics defines scope

of environment statistics

Machine learning: –

Machine

learning is a another type in statistic that give to computers to think ability that learn without being

explicity programming.

Machine

learning is a connection between.to

computer statistics , which focuses on making through the use of computers. It

has strong held in mathematical optimization, which delivers methods,( theory

and application) domains to the field. Relation to statistics:-

connection

between machine learning and statistics are closely related fields. According

to Michael I. Jordan, the ideas of machine learning, from methodological

principles to theoretical tools, have had a long pre-history in statistics He

also suggested the term data science as a placeholder to call the overall

field. Some statisticians have adopted methods from machine learning, leading

to a combined field that they call statistical learning

Application of statistic In Accounting

and Auditing:-

Accounting

is impossible without exactness. The decision may be taken on the basis of

approximated is known as statistics. The correction of the values of current

asserts is made on the basis of the purchasing power of money or the current

value of it.

In

auditing sampling techniques are commonly used. An auditor determines the

sample size of the book to be audited on the basis of error.

Astronomy: –

Astronomy

is the oldest branch of statistic. It deals statistical analysis and data

mining. It is use too process the amount of data which produced by automated

scanning. So, it deals with the measure of

distance , sizes , densities and masses of havenly bodies which means

observation. These measurement error are unavoidable so probable measurement

are founded by using statiscal methords

Example:

This

distance of moon from the earth is measured. Since old days the astronomers

have been statistical methods like method of least squares for finding the

movements of stars.

Statistics In State Management (Administration):-

Statistics is essential for a

country. D/f policies of the government are based on statistics. Now, Statistical

data are widely used in all administrative decision. If he government wants to

revise the pay scales of employees in view of an increase in the living cost,

statistical methods will be used to determine the rise in the cost of living.

Preparation of federal and provincial government budgets mainly depends upon

statistics because it helps in estimating the expected expenditures and revenue

from different sources. So statistics are the eyes of administration of the

state.

Statistical signal processing : –

Statistical signal process is a related to signal processing that treats

signals as stochastic processes. Utilizeing the statistical properties to

perfume signal processing tasks , statistics techniques are widely used in

signals processing application. So the example of that One can modal

probability of distribution of noise incurred when photographing an images and contruct technique , based on the modal

of to reduce the noise.

Statistics and Sociology

Sociology

in statistic of the social sciences to discover the basic structure of human

society, and identify the main forces

that hold groups together or weaken them and to learn the conditions that

transform social life. It highlights and illuminate’s aspects of social life that

otherwise might be only obscurely recognized and understood. Sociology ?are called upon for help with a special problem such as

social conflict, urban plight or the war on poverty or crimes. the practical contribution lies in the ability to

clarify the underlaying nature of social problems to estimate more exactly

their dimensions and to identify aspects that seem most amenable to remedy with

the knowledge and skills at hand

Sociologist

seek the help of statistically tools to study cultural change in the society,

family pattern,prostitution,crime,marriage system etc.They also study

statistically the relation between prostitution and poverty, crime and

poverty,drunkness and crime, illiteracy and crime etc.Thus statistics is of

immense use in various sociological studies.

Statistics and Government

Government

is more varied and complex. Various departments in the state are required to

collect database and record statistical data in a systematic manner for an

effective administration and access the peoples data . Data pertaining to

various fields namely population, natural resources, production both

agricultural and industrial,finance,trade,exports and imports, prices, labor,

transport and communication, health, education,defence ,crimes etc are the most

fundamental requirements of the state for its administration. It is only on

this basis of such data; the government decides on the priority areas, gives

more attention to them through target oriented programmes and studies the

impact of the programmes for its future guidelines.

Statistics and Planning

Modern

age is an age of planning and statistics are indispensable for planning. The study

of data relating to population (agriculture, industry, prices, employment,

health, education) enables the planners to fix up time-bound targets on the

social and economic fronts evaluation of such economic and social programmes at

different stages by means of related data gathered continuously and

systematically is also done to decide whether the programmes are on towards the

goal or targets set.

Biostatistics in Statistics: –

Biostatistics

is the art of statistic that is applicable of statistics to a wide range of

topics in biology. It make the design of biological experiments, specially in

medicine and pharmacy and agriculture and fishery so, the collection,

summarization & analysis of data from those experiments and the

interpretation and inference from the results. the branch of biostatistics in

medical which is concerned with medicine and health

The New

biomedical technologies like microarrays and the next generation sequenced that generate amounts of data that allowing many tests to be

performed simultaneously. Estimate all educational

programmers’ in biostatistics at

postgraduate level.

Population ecology: –

Population

ecology is the study of populations in relation to the environment. Population

ecology is the study of the numbers of individuals in a population and how and

why that number changes. It includes environmental influences on population

density and distribution, age structure, and variations in population size.

Natality

The?birthrate?which?is the ratio of total live births to total population in particular

??area over a specified period of time ??

Mortality

The ?death rate, ?which?is ? also the ratio of the total number of deaths to the total

population.

Immigration

The?number of organisms?moving into area Occupied?by the population is called

immigration.

Emigration

The number of organisms moving out of the area occupied by the

population is called emigration.

The population model below can be manipulated to

mathematically infer certain properties of geometric

populations.

Quantitative Techniques in Business: –

Meaning and Definition:

Quantitative

techniques are those technique are defined that they are thos techniques which

provide decision to makes a powerfull & systematic means of analysises so

thats called on quantitative data.

Classification of Quantitative

Techniques:

There

are different types of quantitative techniques. We can classify them into three

categories.

They are:

1.

Mathematical Quantitative Techniques

2.

Statistical Quantitative Techniques

3.

Programming Quantitative Techniques

Mathematical Quantitative Techniques:

A

technique in which quantitative data are used along with the principles of

mathematics

is known

as mathematical quantitative techniques. Mathematical quantitative techniques

involve:

1. Permutations and Combinations:

Permutation

is meaning arrangement of objects in a definite order. The number of arrangements

depend upon, total number of objects and the number of objects taken at a time for

arrangement. The number of permutations or arrangements is calculated by using

the

following

formula: –

Combination

mean the selection or grouping of objects without considering their order. The

number of combinations is calculated by using the following formula:-

2. Set Theory:-

Set

theory is a modern mathematical device which solves various types of critical

problems.

3.Differentiation:

Differentiation

is used in mathematical process of findingout the changes in the dependent

variable with reference to a small change in the independent variable.

4. Integration:

Integration

is the reverse process of differentiation.

5. Differential Equation:

Differential

Equation is applies in mathematical equation which involves the differential

coefficients of the dependent variables

Statistical Quantitative Techniques:

Statistical

techniques are those techniques which are apply in conduct the statistical enquiry

to concerning to certain Phenomenon. They include all the statistical methods

beginning from the collection of data till interpretation of those collected

data.

Statistical

techniques involve:

1. Collection of data:

One of

the important statistical methods is collection of data. There are different

methods for collecting primary and secondary data.

2. Index Numbers:

Index numbers measure the

fluctuations in various Phenomena like price, production etc over a period of

time, They are described as economic barometres.

3. Time series Analysis:

Analysis of time series helps

us to know the effect of factors which are responsible for changes:

4. Interpolation and Extrapolation:

Interpolation is the

statistical technique of estimating under certain assumptions, the missing

figures which may fall within the range of given figures. Extrapolation

provides estimated figures outside the range of given data.

5. Statistical Quality Control

Statistical quality control

is used for ensuring the quality of items manufactured. The variations in

quality because of assignable causes and chance causes can be known with the

help of this tool. Different control charts are used in controlling the quality

of products..

6. Probability Theory:

Theory of probability

provides numerical values of the likely hood of the occurrence of

events.

7. Testing of Hypothesis

Testing of hypothesis is an

important statistical tool to judge the reliability of inferences

drawn on the basis of sample

studies.

Programming Techniques:

Programming

techniques are also called operations research techniques. Programming techniques

are used of building techniques to used by decision making in modern times.

Programming

techniques involve:

1. Linear Programming:

Linear

programming technique is used in finding a solution for optimizing a given

objective

under certain constraints.

2. Queuing Theory:

Queuing

theory deals with mathematical study of queues. It aims at minimizing cost of both

servicing and waiting.

3.

Inventory Theory:

Inventory

theory helps for optimizing the inventory levels. It focuses on minimizing cost

associated with holding of inventories.

4.

Network programming:

It

is a technique of planning, scheduling, controlling, monitoring and coordinating

large and complex projects comprising of a number of activities and events

5. Non Linear Programming: It is a programming technique which involves finding an

optimum solution to a problem in which

some or all variables are non-linear.

6. Sequencing:

Sequencing

tool is used to determine a sequence in which given jobs should be performed by

minimizing the total efforts.

7. Quadratic Programming:

Quadratic

programming technique is designed to solve certain problems, the objective function

of which takes the form of a quadratic equation.

Functions of Quantitative Techniques:

The

following are the important functions of quantitative techniques:

1. To

facilitate the decision-making process

2. To

provide tools for scientific research

3. To

help in choosing an optimal strategy

4. To enable

in proper deployment of resources

5. To

help in minimizing costs

6. To

help in minimizing the total processing time required for performing a set of

jobs

USES OF QUANTITATE TECHNIQUES

Business and Industry

Quantitative techniques is a

valuable services in the field of business and industry.

Today, all decisions in business

and industry are made with the help of quantitative techniques.

Some important uses of

quantitative techniques in the field of business and industry are

given below:

1. Quantitative techniques of

linear programming is used for optimal allocation of

scarce resources in the problem

of determining product mix

2. Decision tree analysis and

simulation technique help the management in taking the

best possible course of action

under the conditions of risks and uncertainty.

3. Queuing theory is used to

minimize the cost of waiting and servicing of the

customers in queues.

4. Replacement theory helps the

management in determining the most economic

replacement policy regarding

replacement of an equipment.

Limitations of Quantitative Techniques:

Even

though the quantitative techniques are inevitable in decision-making process,

they are not free from short comings. The following are the important

limitations of quantitative techniques:

1.

Quantitative techniques involves mathematical models, equations and other

mathematical expressions

2.

Quantitative techniques are very expensive.

3.

Quantitative techniques do not take into consideration intangible facts like

skill, attitude etc.

4. Quantitative

techniques are only tools for analysis and decision-making. They are not decisions

itself.

Financial analysts

The

analysis determine that how much profit a specific product brings in versus the

costs of producing that product. Financial analysts also use quantitative

methods to determine productivity and whether or not to hire, retain or lay off

workers. They use quantitative data to manage risk and create investment

vehicles.

Risk Management

Risk is

a significant factor in any business venture. The greater the risks your

business takes on, the greater the potential rewards it can gain. Skillful

management of risk is one of the major factors in the success of any business.

Risk management entails the actual quantification of risk. The numbers of giving

risk makes it more tangible and allowing business managers to better evaluate

the likely impact of their decision-making both short term and long term.

Computer Modeling

Computers

have come to take a much greater role in the decision-making of all businesses

as their power and tools have come to be more appreciated computer modeling

software, businesses can try to predict the likely course of different markets

and the chances that their ventures have for success. Inputting a greater

number of variables than could be processed by a normal person, computer models

are growing increasingly refined and more valuable.

Descriptive Statistics

The use

of statistics has proven to be of great value to businesses seeking a better

description of the reality of their ventures. For example, a company might wish

to gain a better idea about the habits and inclinations of its customers. To do

this for each individual customer would be almost impossible

Costs

In the

quest for greater efficiency a businesses can use quantitative techniques to

cut back on waste and find better ways to accomplish its tasks. Example, business

may be able to quantifing the amount of time that is wasted doing a task one

way as opposed to another. Businesses today are often finding new areas where

exact measurement and quantification can help decide which way of doing things

yields better and quicker results.