As we all know that data are the information regarding a particular event. Data in its basic form don’t convey much of information. The main reason behind this is the fact that data are basically a set of unorganized information. A common man will not able to understand the unorganized information that is presented before him. Understanding of information related to a particular situation becomes very easy once the data is organized. In this article, I am going to highlight the most important that is available for collection and interpretation of data in a lucid manner. The tool that I am talking is statistics.

Statistics is one of the most important fields of study that mainly focus on organization of raw data. Statistics is the study of collection, organization and analysis of raw data in order to make the information more valuable and appealing. Statistical techniques form the basis of modern society. There are many areas where we can see the application of statistical techniques. Some of the major areas of applications of statistical techniques are as follows:

  • Fields related to Actuarial Science: There are certain concepts in the field of actuarial science that involves statistical techniques in order to get detailed information. Actuarial science uses statistical techniques to predict the future risks.
  • Fields related to Business: Statistical techniques form the basis of business areas. There are many statistical techniques that if used wisely can help in proper business development.
  • Fields related to Economics: We can use statistical techniques in this field to create painful economic analysis within a fraction of seconds.
  • Fields related to Finance: Finance in itself is one of the toughest subjects that I have ever come across. In order to ease down the task related to finance we can use statistical techniques.
  • Fields related to Research Analysis: There are certain spectacular statistical techniques that can help in doing a detailed research analysis of an event.

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