by extramarks - Academics - October 20, 2020June 29, 2021 The Vital Role of Statistics in Our Daily Life Data represents life and captures its essence. More than we can guess, crunching and analysis of data is driving our lives, our choices, our progress. Statistics, hence, plays a crucial role in our lives without us even knowing about it. Today is the World Statistics Day, a day celebrated every five years to mark not only the beauty but also the importance of statistics, in academia and otherwise. The 2020 theme for the day is ‘’connecting the world with data we can trust’’. The whole idea behind this is to mention the importance of trust and innovation in statistics and the system that oversees it. Today is an occasion that allows us to recognize the value of statistics for the sheer progress that our world has made and will continue to make. It is indeed essential to search for trustworthy data and analyze it accurately so the misrepresentation, misinformation and data manipulation that we are facing in current times can be brought down to a minimal. There are many ways in which we use statistics in daily lives. Some of the instances are as follows: Medicine and medical study Statistics assists doctors in maintaining track of a baby’s mental development as per his/her age and physicians also make use of statistics to evaluate the efficacy of their treatments. Weather Forecasts Statistics is crucial for observation as well as analysis of the weather forecast. It is also used for mathematical prediction models which are built using stats that evaluate and compare previous weather conditions with existing weather to predict forthcoming climatic conditions. Quality Testing Companies make millions of products every year but they don’t have the time to test each product. So, they use statistics to test the products wholly. Buyers do a sample testing of what they expect to buy based on the quality tests. Stock Market The stock market also makes use of statistical computer models that provide comprehensive stock analysis. Stock analysts get analysis and information regarding the economy by using statistics concepts. Consumer Goods Retailers make use of statistics while maintaining inventory and tracks of what products they have sold and how many products they ordered. Leading retailers throughout the world make use of statistics to analyze and compute what products need to be shipped to which store at what time. Statistics are even used in political campaigns as candidates oversee their support and rejection based on the numbers that are represented in form of statistics. Statistics has occupied various spheres of our life but we fail to notice its presence. This World Statistics Day, let us take a pledge to only push forward accurate data that is without misinformation and fake concepts and connect the world.