Real-World Applications of Statistics

Are you looking to pursue a BSc (Hons) in Mathematics or MSc in Mathematics and want to explore real-life applications of different aspects of mathematics and statistics?

The passage will explain different applications of statistics. Use it as a reference and leverage the knowledge of numbers at the workplace, business, and more. Also, you can try Manipal University Jaipur for a quality learning experience and exceptional outcomes. The Department of Mathematics and Statistics at MUJ offers BSc (Hons) Mathematics and MSc Mathematics.

Six Applications of Statistics in Real Life

Statistics have significant benefits for real-life issues along with business, sports, education, politics and more. The application of statistics to solve problems is known as statistical modelling. The statistical assumptions and mathematical models help with accurate predictions and generate sample data about a particular situation.

The application of statistics is widespread across various industries. Here, we will explore its application in real-life situations.

Production Record and Analysis

Production records and analysis are crucial aspects of any business and workplace. Statistics models help to assess production, analyse workers’ performance, track goods produced and evaluate key metrics to determine efficiency and productivity.

Statistical model considers number of units of goods produced or tasks accomplished by the employees in a particular duration of time, the number of sales attained on an average by each individual working at the organisation, the number of gained and retained customers, import and export rate and frequency of goods and services, purchase and utilisation of resources, etc.

The best universities of Rajasthan, like Manipal University Jaipur, offer flexible curriculum and prepare you to apply statistics in real-life situations.

Keeping track of production helps organisations enhance the production quality index and customer satisfaction ratio, resolve manufacturing problems and more.

Stock Market Data Analysis

The stock market has been democratised recently with apps like Zerodha, Groww and others. Stock trends and analysis is a classic example of using statistics in real life. It helps with investment decisions, intra-day trading, futures, and mutual funds. Calculated assumptions help to make the right decisions, reduce errors and improve your investment portfolio.

Manipal University Jaipur, one of the best universities in Rajasthan, offer experiential activities, guest lectures and more on the latest applications of statistical models.

Quality Control

Organisations use statistical models for quality control and assurance. The quality of a product is measured by its ability to execute the purpose for which it was primarily designed and manufactured.

The parameters to evaluate the quality of a product are relevance, timeliness, accessibility, accuracy, comparability, coherence, manufacturing, timeliness, selling cost, estimated life span, compatibility with other products, etc. Top universities of India teach various aspects of QC with experiential activities, guest lectures and more.

Weather Forecasting

Top universities of India like Manipal University Jaipur provide experiential learning and prepare students with knowledge of these real-world applications of statistics. You can try their BSc (Hons) in Mathematics or MSc in Mathematics to learn the best of statistics.

Weather forecasting is an excellent application of statistics for crucial assumptions of weather patterns. Organisations analyse historical data about weather and climate conditions for a long time, such as air temperature, the magnitude of humidity, precipitation levels and frequency, speed and direction of winds, air quality index, the appearance of clouds, speed and direction of currents, etc.

Medical Records

Medical institutions, hospitals, pharma companies, labs, etc., aggregate massive quantities of data regularly. The data generally comes in structured, unstructured and semi-structured formats.

Generally, the data includes information on name, gender, age, treatment history, type and stage of disease, admission date, and more. Data analysis with statistics helps hospital and medical organisations make vital decisions related to patients, medicines, administrative settings, etc.

Manipal University Jaipur teaches innovative ways to apply statistical models to analyse available data. It helps with the treatment, assess drug use patterns, saves time and money, etc.

Education Records

Education is another crucial sector that uses statistical models for diverse purposes. The data provides information on name, date of birth, current status of teacher involvement, teacher-student ratio, date of enrolment, etc. The information derived from data aggregated about students, teachers, and administration helps to make crucial decisions in the education sector.

It indicates teacher-student performance, institutional practices, achievements, performance indicators, and more. The data comes every day and builds up faster into mammoth storage. Statistical models and tools help to plan and minimise the complexity of the data stored. Data in a presentable manner is easy to analyse and interpret for the specific requirements.

Statistical models to analyse education data also help to:

Manipal University Jaipur, one of the best universities of Rajasthan, offers quality BSc (Hons) in Mathematics, focusing on critical aspects of statistics and mathematics.

Other Notable Uses of Statistics in Real-Life

Advantages of Learning Statistics at Manipal University Jaipur

Department of Mathematics and Statistics of Manipal University Jaipur offers BSc (Hons) Mathematics and MSc Mathematics with essential aspects of statistics.

Among the best universities of Rajasthan, MUJ provides the following advantages for students learning Mathematics and Statistics.

Therefore, learn statistics at MUJ and explore various applications of statistics in real life and other situations.