Why We Learn Statistics, Significance Of The Video

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Introduction
Statistics is a part of Mathematics that entails collecting, classifying, analyzing, and interpreting facts or data in numerical form. Statistics may also be the numbers or facts themselves.
Importance of Statistics
Statistics gives us information about the world we live in and what happens in it. This information includes the rate of unemployment, what kinds of social and health services are needed in our communities and best places to set up businesses. Statistics also help us to know what happens around us, to guide the economy and to evaluate how the government is performing. Statistics are also used by accountants in their work. For example, creating projections for the next fiscal year. Most states use them in the budget making process and determining the cost of living of their citizens. Analytical chemists also use statistics in solving problems. Business people use statistics to enable them to make decisions that relate to their businesses.
Why we Learn Statistics
Economics is largely dependent on statistics. Statistics are used in the preparation of national income accounts. When doing economic research, statistical methods are relevant in collecting and analyzing data. Statistical methods are also used in the testing of hypothesis. Statistics also help us to determine relationships between demand and supply, imports and exports, the rate of inflation and per capita income. Statistics increase the accuracy of mathematical theories and probabilities.
Significance of the video
The video gives a general overview of statistics. It shows the importance of statistics in our daily lives, which includes knowing what kinds of social or medical service...