Probability- A Transformed Science and Basis of Modern Technology

Being the foundation of statistical inference, probability has transformed science and is also the root of much of modern technology.

Used widely in everyday life, the term probability doesn’t have a single, simple definition. The mathematical theory of this subject, which is the study of the laws governing random variation, has its origins dating back to the seventeenth century. It has since grown into a dynamic branch of modern mathematics. Statistics, like probability, plays an important role in a variety of fields. Following is a list of fields that employ statistics, along with its importance for each.

Business

For business majors, the role that statistics plays in their field is well-known and crucial. Statistics involves decision making, and in the business world quick decisions are often required to be made. With the use of statistics, production can be planned as per the wants and likes of the customers. Also, quality of the products can be efficiently checked using statistical methods. A lot of business activities can be easily completed with the help of statistics, such as marketing products, deciding new locations, estimating profit on the new product, etc.

Mathematics

Since it is a branch of applied mathematics, it seems obvious that statistics plays an important role in the field. However, apart from being a separate branch, statistics is also used in other branches of mathematics such as differentiation, algebra, integration and many others. Mathematics is largely based on theories and probability, and statistical methods are required to make these theories more accurate. The use of estimation, dispersion and averages allows one to come up with conclusions closer to the real solution.

Economics

Economics is largely dependent on statistics. It employs statistics for testing hypothesis, analyzing data and collecting information. Statistical information is required to find relationships between imports and exports and supply and demand. It is also required to figure out the national income account, the per capital income and the inflation rate. An example of the use of statistics in the field of Economics would be the information collected and used by the Census Bureau to decide many other political items.

Accounting

Accounting is mostly inclusive of basic arithmetic. However, statistics plays a major role in the creation of accounting reports. While checking and balancing accounts, exactness is required. Statistics is required to use those reports to determine trends within the business and how well the company is performing. Statistics is also used in accounting for the creation of projections in the next fiscal year.

Banking

Statistics is used in banking for a large number of services offered. Banks work on the idea that people depositing their money will not withdraw all of it in the coming future. Their profit is earned by lending money and gaining interest on it. The money they use for lending is deposited by other people. Statistical approaches are used by bankers to estimate the number of people depositing their money compared to number of people making loan requests. The use of statistics in this field is thus crucial.

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