Role of Statistics in Different Fields

Statistics plays an important role in every field of human activity. It holds central position in almost every field like Physics, Chemistry, Biology, Mathematics, Botany, Psychology, Astronomy, Industry, Commerce, Trade, Economics, Banking, etc. Application of Statistics is very wide in these fields. In state management or administration, Statistics is very essential for a country. Different policies of the government are based on it. Statistical data are now widely used in taking all administrative decisions. Preparation of federal and provincial government budgets mainly depend upon statistics. The objective of this paper is to throw light on the role of statistics in different fields with special reference to business and economics It also shows some fundamental characteristics about statistical data and some basic concepts of statistics. Statistics do not prove anything. They are simply tools in the hands of the statisticians. In making use of statistics one should be vigilant and cautious. One should use the relevant data and draw conclusions without any bias. Limitations of statistics must also be taken into consideration by the experts while using it. Statistics can be used by the experts only who have special knowledge of statistical methods. Otherwise sensible use of statistics is not possible. It may lead to dangerous consequences. The circumstances and conditions under which conclusions have to be drawn should be necessarily studied. Otherwise without reference the result may prove wrong. Application of statistics by experts minimize the possibility of misuse and it may discover the truth rather than to cover the truth.