of statistics in different Field
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
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..
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.
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
branch of science that focuses collecting, summarizing, & presetting a set
of data. It is utilizing the numerical data and graphical method’s.
select one tree the total numbers of olives are count 4000.
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.
Application of stats in Banking:
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 : –
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
first known use of the term Econometrics was inventing by Pawel Ciampa n 1910.
Basic Models oF Linear
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.
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.
Nations Framework for the Development of Environment Statistics defines scope
of environment statistics
Machine learning: –
learning is a another type in statistic that give to computers to think ability that learn without being
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:-
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
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.
auditing sampling techniques are commonly used. An auditor determines the
sample size of the book to be audited on the basis of error.
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
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
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
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
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
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
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: –
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
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
Population ecology: –
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.
The?birthrate?which?is the ratio of total live births to total population in particular
??area over a specified period of time ??
The ?death rate, ?which?is ? also the ratio of the total number of deaths to the total
The?number of organisms?moving into area Occupied?by the population is called
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
Quantitative Techniques in Business: –
Meaning and Definition:
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
are different types of quantitative techniques. We can classify them into three
Mathematical Quantitative Techniques
Statistical Quantitative Techniques
Programming Quantitative Techniques
Mathematical Quantitative Techniques:
technique in which quantitative data are used along with the principles of
as mathematical quantitative techniques. Mathematical quantitative techniques
1. Permutations and Combinations:
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
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:-
theory is a modern mathematical device which solves various types of critical
is used in mathematical process of findingout the changes in the dependent
variable with reference to a small change in the independent variable.
is the reverse process of differentiation.
5. Differential Equation:
Equation is applies in mathematical equation which involves the differential
coefficients of the dependent variables
Statistical Quantitative Techniques:
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
1. Collection of data:
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
6. Probability Theory:
Theory of probability
provides numerical values of the likely hood of the occurrence of
7. Testing of Hypothesis
Testing of hypothesis is an
important statistical tool to judge the reliability of inferences
drawn on the basis of sample
techniques are also called operations research techniques. Programming techniques
are used of building techniques to used by decision making in modern times.
1. Linear Programming:
programming technique is used in finding a solution for optimizing a given
under certain constraints.
2. Queuing Theory:
theory deals with mathematical study of queues. It aims at minimizing cost of both
servicing and waiting.
theory helps for optimizing the inventory levels. It focuses on minimizing cost
associated with holding of inventories.
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.
tool is used to determine a sequence in which given jobs should be performed by
minimizing the total efforts.
7. Quadratic Programming:
programming technique is designed to solve certain problems, the objective function
of which takes the form of a quadratic equation.
Functions of Quantitative Techniques:
following are the important functions of quantitative techniques:
facilitate the decision-making process
provide tools for scientific research
help in choosing an optimal strategy
4. To enable
in proper deployment of resources
help in minimizing costs
help in minimizing the total processing time required for performing a set of
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
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:
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:
Quantitative techniques involves mathematical models, equations and other
Quantitative techniques are very expensive.
Quantitative techniques do not take into consideration intangible facts like
skill, attitude etc.
techniques are only tools for analysis and decision-making. They are not decisions
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
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.
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.
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
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.