The statistics is as good as the user

The statistics is as good as the user

Statistics is used for various purposes. It is used to simplify mass data and to make comparisons easier. It is also used to bring out trends and tendencies in the data as well as the hidden relations between variables. All this helps to make decision making much easier. Let us look at each function of Statistics in detail.

1. Statistics simplifies mass data: The use of statistical concepts helps in the simplification of complex data. Using statistical concepts, the managers can make decisions more easily. The statistical methods help in reducing the complexity of the data and consequently in the understanding of any huge mass of data.
2. The statistics makes comparison easier: Without using statistical methods and concepts, collection of data and comparison cannot be done easily. Statistics helps us to compare data collected from different sources. Grand totals, measures of central tendency, measures of dispersion, graphs and diagrams, coefficient of correlation all provide ample scopes for comparison.
3. Statistics brings out trends and tendencies in the data: After data are collected, it is easy to analyze the trend and tendencies in the data by using the various concepts of Statistics.
4. Statistics brings out the hidden relations between variables: Statistical analysis helps in drawing inferences on data. Statistical analysis brings out the hidden relations between variables.
5. Decision making power becomes easier: With the proper application of Statistics and statistical software packages on the collected data, managers can take effective decisions, which can increase the profits in a business.

Seeing all this functionality we can say ‘Statistics is as good as the user’.