Statistics is a method used to analyze information through a set of mathematical equations. These equations apply in the interpretation and presentation of the data collected during an experimental study. Statistics data helps in fact-finding and prediction of past and future patterns from research studies. There are many real-life applications of statistics that you may not be aware of. Its common application is mainly in the field of commerce, biology, sociology, math, and even psychology. Knowing how to interpret and analyze data through statistics can help you in the following areas:
1) Analysis of Insurance Policies
Covering your property from unexpected risks is a necessity. There is a need to protect yourself and your family when a crisis occurs. Some insurances are mandated by law. For example, every car owner should have his or her car covered.
When signing up for your home, medical, auto, or health insurance, you should analyze the potential insurance provider’s policies. The policies clearly state how much you should pay and the scenarios in which they cover you. Statistics can help you find a firm that will provide full coverage in case you need to file a claim. You have to collect policies from a different firm and analyze each one of them until you find the best plan.
Your analysis will be based on the probability of your provider covering your claim. Knowing how to conduct this analysis will protect you from exploitation and chances of landing on uncovered claims. Studying statistics will give you tips on how to analyze different insurance policies. In case you need help with your statistics assignment or dissertation, you can visit this site. They have professionals who will tackle your statistics assignments tactfully while you concentrate on other areas of your study.
2) Predicting Sports Strategies
Athletes and sports teams use statistics to come up with winning strategies. The probability of a win can be predicted by analyzing variables such as past scores and the player’s performance. The analysis of one player is compared to that of their opponents, which predicts the results. Coaches come up with strategies like lineups that improve their odds of winning. Knowing how to predict game scores can be a good way for teams to prepare for competitions. Statistics are also used by the gaming and gambling industries to come up with game odds. The gamers have a chance to win if they predict correct scores and place a stake. Through statistics, players can analyze data from previous games to calculate the probabilities of a particular team in winning.
3) Weather Forecasting
Since we cannot tell for sure when it is going to rain or when a storm will hit, we rely on the predictions made by meteorologists. Meteorologists use statistics in predicting the possibility of which weather pattern to expect. They analyze samples like water vapor and temperature and compare it to previous weather trends. Their prediction is not always 100% correct, but the possibility of the weather being as planned is high. Weather forecast helps in the planning of activities such as traveling and farming that depend on the right weather. Prediction of extreme weather conditions like storms has helped save many lives.