Statistics can be defined as a branch of applied mathematics concerned with the collection and interpretation of quantitative data and the use of probability theory to estimate population parameters (on-line definition). Thus, statistics analysis is the outcome of the gathering of data and the interpreting of that data. Statistics analysis can therefore yield inferences that can be made based upon accurate data.
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The use of this statistics analysis is immeasurable as statistics analysis is used in many fields and for many purposes. One such purpose is the use of statistics analysis in market research. Statistics analysis in market research can help a business know the demand of a product before that product goes to market. Thus, statistics analysis can help businesses that want to do market research on something yet to be sold as statistics analysis can provide valuable information and data on how well a product will succeed.
Statistics analysis can also be beneficial to businesses that are already up and running. Statistics analysis can be used to help run a business more effectively and more efficiently. Statistics analysis does this by analyzing what works and what does not work within a company. In other words, statistics analysis can gather data to see what is cost effective for a company, and therefore statistics analysis can save a company both money and resources.
Statistics analysis can also be very helpful in the medical and nursing fields. Statistics analysis can be helpful in this field as statistics analysis is essential to the study of the effectiveness in drugs and treatment. In other words, a researcher must perform and obtain careful statistics for statistics analysis in order to make decisions about the effectiveness of a drug.
Statistics analysis can also be useful in government. If the government, for example, wants to find out why certain schools perform better than others, they can use statistics analysis. Statistics analysis can be used in this case as the researcher can measure whether or not certain variables have impacts on the performance of the school. These variables include the size of the class, the length of the class periods, the socio-economic status of the students in the class, etc. Thus, with the help of statistics analysis, the researcher can narrow down what works and what does not work in a school setting.
Statistics analysis is so relevant, in fact, that it was recently the focus of a 60 Minutes episode. In this episode, 60 Minutes explained how statistics analysis was used to help the Boston Red Sox win two championships. As 60 Minutes explained, the Red Sox hired a statistician who computed the effectiveness of pitchers, batters and fielders based on ever single stat that had been accumulated over the years for that player. The statistician was then able to use statistics analysis to see what players were most effective. This statistics analysis also led to the Red Sox hiring certain ball-players based on the statistics analysis. The result was extraordinary as the Red Sox won two consecutive championships—all with the help of statistics analysis.
Clearly, then, statistics analysis has many practical uses. Statistics analysis helps business owners hone in on what works and what does not. Thus, statistics analysis helps business owners run their companies more efficiently and productively, saving the owners both money and time. Because not all businesses are equipped with people well versed in statistics analysis, it is important to hire professionals in statistics analysis. These professionals will gather the relevant and appropriate data, will interpret this data and will use the statistics analysis to help companies make decisions that can allow them to succeed. The value of statistics analysis cannot be understated as it is ensures effectiveness and success.
