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In Banking:
Statistics play an important role in banking. The banks make use of statistics for a number of purposes. The banks work on the principle that all the people who deposit their money withthe banks do not withdraw it at the same time. The bank earns profits out of these deposits by lending to others on interest. The bankers use statistical approaches based on probability to estimate the numbers of depositors and their claims for a certain day.
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Importance of statistics in field of computer science?
There are many reasons why statistics in are in important in a field of computer science. These statistics help improve computers.
What are the importance of statistics in the field of research?
Statistics are needed to analyze data and show which outcomes are significant.
What is the importance of statistics in the field of demographics?
Demographics is entirely statistical in nature. It could be defined as the study of the statistics that are related to the human population.
What is the importance of statistics in the field of health?
For example, if you are developing a drug, you try it out on test subjects. Statistics can help you figure out if the drug is effective in treating a condition or if the drug is dangerous.
What is the importance of statistics in the field of physics?
In the field of physics, statistics help people to identify various trends that point to a certain inference. Getting figures from different experiments and plotting a graph can show how each variable affects the other.
