What does the term insurance mean to you

Reference no: EM133386337 , Length: word count:1000

Question: The definition of statistics is the observation, comprehensive study, analysis, and representation of any data wherever in the world.

In the form of charts and graphs, the data can pertain to any industry, including manufacturing, science, health, etc.

The following fields regularly employ statistics:

1) Everyone keeps up with weather forecasts.Some computer models are constructed using statistical principles. These computer programs compare the current weather with weather in the past to forecast weather in the future.

2) The researcher uses statistics the most. To gather the pertinent data, they make use of their statistical expertise. Otherwise, it leads to a loss of resources including time, money, and data.

3) What does the term "insurance" mean to you? Everyone has insurance of some type, whether it is for their health, their homes, or anything else.

4) Statistics are very important in the financial sector. The secret to how dealers and businesses invest and make money is statistics.

5) Statistics are important in the medical industry. Scientists must present a statistically valid rate of effectiveness before any medications are prescribed. All medical research relies on statistics.

6) Quality testing makes use of statistical techniques. Every day, businesses produce a wide range of goods, and each one should make sure that the things it sells are of the highest caliber. Companies utilize statistical samples because they are unable to test every product.

7) We frequently make predictions in daily life. When we are uncertain about our survival in the morning, for instance, we set the alarm for the morning. Here, we make predictions using fundamentals of statistics.

8) Based on statistical principles, physicians can forecast disease. When statistics are involved, you can have a better understanding of how cancer might influence your body and whether smoking is the primary cause of it.

9) A news reporter predicts the election's winner based on the political campaigns. In this case, statistics heavily influence who will run your government.

Reference no: EM133386337

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