Question

Why importance of statistics has increased in innovation to a larger extent?

Answer 1

Innovation forms part of the Europe 2020 strategy due to its role in creating job opportunities, increasing the competitiveness of enterprises in global markets, improving the quality of life and contributing to more sustainable economic growth. Indeed, EU policies often focus on encouraging and stimulating innovation.

Answer 2

• It is said that “Necessity is the mother of invention”.
• These inventions are done by first analyzing the problems and then analyzing the solution for that problems.
• Statistics is about collection, observation, presentation of data, which helps in analyzing and defining the relationship between different kinds of variables.
• The importance of converting data into information and knowledge has greatly increased.
• It means for any innovation, use of statistics is the key. Hence, importance of statistics has increased in innovation to large extent.