Question

write applications of Statistics in
i management Science​

Answer 1

Answer:

Application of Statistics

In the age of information technology, statistics has a wide range of applications. Let’s look at some important areas of application of statistics:

application of statistics

State

For the effective functioning of the State, Statistics is indispensable. Different department and authorities require various facts and figures on different matters. They use this data to frame policies and guidelines in order to perform smoothly.

Traditionally, people used statistics to collect data pertaining to manpower, crimes, wealth, income, etc. for the formation of suitable military and fiscal policies.

Over the years, with the change in the nature of functions of the State from maintaining law and order to promoting human welfare, the scope of the application of statistics has changed too.

Today, the State authorities collect statistics through their agencies on multiple aspects like population, agriculture, defense, national income, oceanography, natural resources, space research, etc.

Further, nearly all ministries at the Central as well as State level, rely heavily on statistics for their smooth functioning. Also, the availability of statistical information enables the government to frame policies and guidelines to improve the overall working of the system.

Economics

Economics is about allocating limited resources among unlimited ends in the most optimal manner. Statistics offers information to answer some basic questions in economics –

What to produce?

How to produce?

For whom to produce?

Statistical information helps to understand the economic problems and formulation of economic policies. Traditionally, the application of statistics was limited since the economic theories were based on deductive logic. Also, most statistical techniques were not developed enough for application in all disciplines.