Role of Statistics in Different Fields

Statistics and its homework help

Statistics are nothing but sets of mathematical equations used to analyze and predict a great deal about the world around us. By the help of statistics, events that occurred in the past and events that are likely to take place in the future can be predicted. Statistics plays a vital role in almost every field, including astronomy, psychology, mathematics, commerce, etc. 

The role of statistics in many other fields explained in Statistics Homework Solver is discussed below: - 

1. In Business- Statistics play a pivotal role in Business. It helps the management to plan the production process according to the preference and choice of the customer. Statistics helps businessman to make the correct decision regarding product quality, resources, finance, marketing of the products, etc. 

2. In Mathematics- Statistics is one of the important branches of applied mathematics. Mathematics and statistics are interrelated with each other as many statistical methods are used in mathematics, whereas different techniques of pure mathematics are used in statistics. For example, dispersion, estimation, probability averages, etc. are used in mathematics while integration, algebra, differentiation, etc. are used in statistics. 

3. Economics- In economics, statistics are helpful in the production function, in formulating economic policies, in analyzing customer’s satisfaction, in calculating PCI, etc. Various statistical methods are used to study the relationship between supply and demand. A good knowledge of statistics is required to study the relationship between inflation rates, exports and imports, per capita income, etc. 

Accounting and its homework help

Accounting is the systematic process to collect, analyze and interpret data. It tells us about the financial position of the business, such as- cost and earnings, profit and loss, assets and liabilities, etc. Thus, accounting play an important role in business and is also considered as the language of business. 

The Importance and Role of accounting in Business are discussed in the following section of Accounting Homework Helper. 

1. In Organization- In an organization, accounting provides information like capital investment position, management efficiency, profit and loss percentage, and many more. Thus, accounting plays a very essential role in proper execution of important functions in an organization. 

2. For Co-ordination- In a business organization, one of the main objectives of the management department is to achieve the predetermined goal by co-coordinating activities of different departments. Accounting helps in this coordination task. By the help of accounting, the management can get information on expenditure and income, purchase and sales, etc. 

3. For Motivation- Organizations give financial reward to motivate workers and employees. Accounting helps the management by providing information on the financial position of the business. It also lets the management to know whether the company is capable of providing financial benefits to the employees or not. 

4. In Planning- Accounting helps in the proper planning of various management activities. The planning includes sales planning, cash planning, development planning, procurement planning, fixing up target-profit, determining quantity of stock, etc. Thus, accounting plays a vital role in proper execution of the planning process. 

About the Author:

Craig Stewart is an author of this article who writes about the importance of Statistics Homework Solver. He has also written about Accounting Homework Helper.

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Created on Apr 23rd 2018 00:36. Viewed 648 times.

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