Importance of Statistics:
Statistics is very important for civilized nation. It is the science of decision making in the field of uncertainty. The importance of statistics increasing day by day in the field of social, economic and scientific analysis which is related with human welfare. However, the importance of statistics are describe below:
· Statistics helps for human welfare: Statistics is concern to help analysis to social problem. Such as unemployment, poverty, education problem, food problem etc. It is important to measure and solve to problem.
· Determine statistical policy: Statistics collects data (past & present) to determine policy for social, economic and commercial organization.
· To aid in planning: It plays an important role in planning and controlling in any organization.
· Administrative helps: It is important to determine administrative policy. It helps to prepare a budget, tax policy, export import policy etc.
· To help science: It helps to determine the accuracy of astrology, sociology, geology etc. by supplying various types of data.
· Marketing: Statistical analysis is frequently used in providing information for marketing decisions.
· Investment: Before investment, the investors, at first observe the various data about the organization, statistical analysis also used in investment decisions.
· Accounting: Statistical methods are also employed in accounting. The cost account uses regression analysis. The accountant collects data on historical cost in the course of auditing or financial records.
· Research and development: Many big organizations have research and development department which are primarily concern with finding out how existing product line can be added and how the optimal use of resources made. In the absence of actual data it is almost impossible to carry out fruitful research and development program.