Statistical Analysis

Statistics is that part of Mathematics which deals with integration, organisation, display, interpretation and presentation of data. The main goal is to identify trends. The data need not necessarily be numerical. Statistics helps us in recognising a pattern. That is , by interpreting old data one can figure out a pattern.

Businesses analyze this data during risk management in order to figure out the probability of a certain risk being incurred by a company and how substantial the risk may be.

Weather forecast is based on old data and its relation to the present data. Genetics is based on statistics. In fact , Gregor Mendel observed that crossbreeding of plants and animals could favour certain desirable traits. Based on these observations,he gave his conclusions.Many people are afflicted with diseases which come from their genetic make-up and these diseases can potentially be passed on to their children. Statistics help in determining the chances that a disease will affect the baby.

It is useful in day-to-day life. For example, when people bet during horse race they look at the statistics of each horse and in their mind think which horse has the best chance of winning a race. During elections, polling organizations collect opinions of samples of the population and then give the estimates of the voting intentions of the whole population based on declared intentions of those sampled.

In this world , there are a lot things yet to be found by scientists ;an unknown number of outcomes that cannot be predicted. If an action gives a 1 in 1 million chance that it could go wrong and it destroys the planet, but if it goes right it will benefit humanity, should we take that action? In the past we have never been faced with such decision- although global warming now gives us a similar question to answer with the difference that the probability that global warming is occuring, and will do immense harm,is high, not low. According to statisticians,in the last few years, global temperatures have been consistently among the hottest on record. The global anomaly in surface temperature might be the cause of an increase in sea level, a decrease in Arctic ice and the growing number of weather-related catastrophes, including storms, floods and droughts.

Therefore, statistics is useful for finding out the probability that a certain process may happen in the future.