Economic planning is an important aspect of a country. Hence, statistics is essential for planners, economists, scientists and administrators to prepare different plans and programmes. The science of Statistics is essentially a branch of applied mathematics and can be regarded as a mathematics applied to observation data.- R.A fisher. This paper discusses the importance of statistics and statisticians in national development with emphasize that government at all levels should embark on building a … Statistics in Brief: The Importance of Sample Size in the Planning and Interpretation of Medical Research Overview of attention for article published in Clinical Orthopaedics & Related Research, June 2008 Statistical analysis of data forms the beginning of policy formulations. Tate, M.N. to extract relevant information for the purpose of decision making. Therefore, planning helps to give the right direction. Statistics are extremely important in governance management because (i) The base of the budget is statistics. Example Decision-Making Situation Aided by t-test. To Present Facts in Definite Form: We can represent the things in their true form with the help of figures. Business owners face many situations with outcomes that seem unpredictable. Importance of Planning. The importance of plannings cannot be overemphasized for an organization or even for an individual.From the start of a small business, to managing a large business, from starting your own career, to the last stages of your working life, planning will be the most important tool that you use in marketing. What's important is that the method used to calculate the statistic is uniform each time. Statisticians employed in these activities develop new ways to collect and analyze data for the many types of data and experimental settings encountered in practical studies. Although the differences observed may represent true differences, the results also may differ because of sampling variability as all studies are performed on a limited number of specimens or patients. The increasing volume of research by the medical community often leads to increasing numbers of contradictory findings and conclusions. 5. Economic Planning. (3) Health and Family Planning Programmes: iii. The advantage of statistics is that they're comparable. 2008; 466(9):2282-8 (ISSN: 1528-1132) Biau DJ; Kernéis S; Porcher R. The increasing volume of research by the medical community often leads to increasing numbers of contradictory findings and conclusions. The Functions Performed by Statistics are given as under: Functions of Statistics: 1. Quantitative research guides health care decision makers with statistics--numerical data collected from measurements or observation that describe the characteristics of specific population samples. For example, your main supplier of a key batch of parts could have a lower cost, but more uncertainty in delivery time. Need, Importance and Uses of Statistics: 1. The importance of demography lies in its contribution to helping government and society better prepare to deal for the issues and demands of population growth, aging and migration. Statistical data and different techniques of statistical analysis are the very countries are useful in solving economic problems. is statistics in Education (1953) has very beautifully summed up the concept of statistics as It’s all perfectly clear; you complete statistics (means, medians, modes etc.) Statistics assists in sound and effective planning in any field of inquiry. Research And Development – The scope of statistics in business also extends to market research and product development. Besides this, the medical area would be less effective without the research to recognize which drugs or interventions run best and how the individual groups respond to medicine. Thus, statistical methods are largely dependent on the theory of probability. Statistics assists in summarizing the larger sets of data in a form that is easily understandable. Technology helps automate the territory design process, increasing efficiency and reducing planning time up to 75 percent, from weeks to days. ii. It has also immense importance in decision making. The importance of research and its impact on education University of Skovde 08 Dec 2016 * Link copied. In terms of simple summary statistics for data populations, the three "C's" [Communication, Credibility, and Convergence (on "truth")] are reasons why statistics are important in research. O Statistics arising out of biological sciences, particularly from the fields of Medicine and Public health. This allows them to plan for the future efficiently. have legal importance. In applying statistics to a scientific, industrial, or social problem, it is conventional to begin with a statistical population or a statistical model to be studied. With the help of statistical methods, we make estimates for the further analysis. Without a statistical study, our ideas would be vague and indefinite. Statistics can also verify whether the decision made was, after all, a good one. Statistical methods are commonly used for analyzing experiments results, and testing their significance in biology, physics, chemistry, mathematics, meteorology, research, chambers of commerce, sociology, business, public administration, communications and information technology, etc. Statistics assists in efficient design of laboratory and field experiments as well as surveys. Business managers use statistics as an aid to making decisions in the face of uncertainty. Statistical information is invaluable in determining what combination of goods and services to produce, which resources to allocate in producing them and to which populations to offer them. Here are 7 reasons justifying the importance of plannings. Vital statistics are legally very useful. For effective economic planning, the authorities require information regarding different components of the economy. One concrete, personal experience that demonstrates the role of statistics in decision making happened several years ago. Statistics helps in formulating plans and policies in different fields. Statistics in brief: the importance of sample size in the planning and interpretation of medical research. The uses of statistics in research can lead researchers for summarization, proper characterization, performance, and description of the outcome of the research. Statistics plays a vital role in almost all the natural and social sciences. Scope of Statistics 1. It is impossible to achieve such control without the right planning. Statistics help in providing data as well as tools to analyze the data. This is one of the most important functions of statistics, as a sample group is observed and their response to a product is tested and data collected. Importance of Government Administration: A few centuries ago, statistics was the science of rulers, because in the early period only kings (the rulers) had to collect data of government income and land system and the population more. A factory might want to simply count the number of widgets it makes. Statistics involves making decisions, and in the business world, you often have to make a quick decision then and there. Statistics and planning: Statistics in indispensable into planning in the modern age which is termed as “the age of planning”. Statistics help in economic planning . Tertiary education is indeed a big investment, so looking for the right university takes time, patience, and dedication. Heath care economists Rexford Santerre and Stephen Neun emphasize the importance of statistics in the allocation of scarce medical resources 1. The Importance and Scope of Statistics can be very well appreciated as the researcher follows:. When planning a study reporting differences among … Keeps good control: With control, the actual performance of an employee is compared with the plans, and deviations (if any) are found out and corrected. For instance, a death certificate is an important legal document for the settlement of property of the deceased person, the claim of his/her insurance policy, etc. Clin Orthop Relat Res. That decision dilemma occurred in 2005. Scope and importance of Statistics: 1. The Importance of Statistics in Management Decision Making. 27. Business Statistics involves the application of statistical tools in the area of marketing, production, finance, research and development, manpower planning etc. Resilience steps in here as an important component of response planning as it refers to the capacity of a country’s economy to absorb losses and recover. Companies understand the importance of data in effective sales territory design. Certificates relating to birth, death, marriage, divorce, etc. However, the majority continue to rely on spreadsheets moderately or frequently for territory design. Estimates and predictions form an important part of research investigation. 1. O The methods used in dealing with statistics in the fields of medicine, biology and public health for planning, conducting and analyzing data which arise in investigations of these branches. Statistics can be used for making sales projections, financial analysis of capital expenditure projects, constructing profit projections for a new product, setting up production quantities, and making a sampling analysis to determine the quality of a product. Each of these categories has its own way of reasoning and its own conceptual and technical expertise. from statistics (numerical facts) by statistics (statistics as a science or methodology). Therefore, planning becomes necessary to keep good control. Research in statistical methods is carried out within major universities, like the University of Florida, and within government agencies and private industry. Statistics is the discipline that concerns the collection, organization, analysis, interpretation and presentation of data. Statistics can usually be expressed as a percentage, a ratio, an average, a median and even a raw number. (7) Natural and Social Sciences. The facts are to be given in a definite form. 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