welcome to statistics in this module we will explain how statistics surround our
daily lives all we have to do is to think of the conversations we have on a
regular basis a day start with this concerned about rain or snow we turn to
the weather channel to see where it will rain or snow today or tomorrow when The
Weather Channel informs you that the chance of rain is 35% or 60% you are
essentially relying on statistical tools and technologies to come up with those
forecasts so that you may be better prepared for either rain or snow if you
happen to live in a large city in North America or Europe and East Asia housing
affordability is likely to be a concern and when you hear in the news media that
housing is becoming more expensive over time this analysis is coming out of
statistical analysis at the same time you will hear if the unemployment rate
has fallen or has risen over time or how Millennials are looking for jobs that
may not be full-time and when we track those numbers over time we realize we
are using statistics statistics are not just confined to economics we appreciate
players based on their performance and we judge their performance using
statistics Millennials and the sharing economy is perhaps redefining the way we
understand economics and business these days the way Millennials have defined
their preferences different from previous generations is something of
interest many say that they would like to rent then to own a house that didn't
used to be the case in the past that the norms are changing who gets paid how
much and not just that your work but in the Hollywood is again coming out of
statistics similarly if you're thinking of pursuing Business Analytics as a
career you may be interested in knowing what is the average salary of a starting
business analyst and again this comes out of statistics any comparison of
salary between two professions such as an engineer or an economist would
require statistics and if you happen to be in Chicago you
probably have not missed that crime has spiked in recent years
similarly we compare crime especially violent crime over years and this
comparison requires us to use statistics so when we say average income every age
average height we're relying on average which is a statistical parameter
highest-paid athlete we're looking at the maximum salary fastest sprinter
you're looking at the maximum speed lowest unemployment rate of all the OECD
countries they're looking at a minimum value percentage of females who study
engineering choirs us to compute percentages the chance for rain tomorrow
is in fact likelihood and how consistent is a stock performance over the past
three months we're concerned about variance which again is a statistical
parameter and then the question of on average do men spend more on clothes
than women we probably would use a t-test to determine this difference
again relying on statistics if you were to recall your conversations in a given
day you probably realized now that you have been using the language of
statistics on a daily basis at the same time the news media used statistics all
the time to demonstrate how trends are changing 2016 was the year American
presidential elections were held big surprises there between the what the
polls forecasted and what the outcome was but again you see these numbers
portrayed in the newspapers at the same time you have other publications that
show you how housing prices or other development related statistics vary over
countries in a nutshell the information we consume and the conversations we have
every day involve a lot of Statistics so it pays one to learn some statistics