It is not a secret BBA and MBA students often underestimate the role of statistics classes. Most of them simply hate it being unable to pass statistics successfully on the first attempt.
However, 72.8 per cent of the top AACSB-accredited business schools and universities provide undergraduate students with a unique chance to have a couple of statistics courses.
The Chief Economist from Google, Hal Varian, shares that, “Statisticians will be one of the sexiest job positions in the course of next decade. He adds that nowadays, we possess significantly free and ubiquitous data. Thus, it is necessary to interpret that information properly and extract value from it.”
Therefore, if you are still not a big fan of this business-related subject, we recommend discovering more reasons to study statistics and start implementing the knowledge ASAP.
Great Number of Opportunities
Each and every sector of industry needs qualified statisticians. Those are governments, legal structures, educational institutions, and scientific organizations. Why does it matter? Well, statisticians may even have a positive impact on the entire society. For example, you may come up with new lifesaving drug based on the researches. By planning a marketing strategy for a startup, it is possible to make it profitable in short.
Sure thing, the careers related to this field of study can be rather lucrative as its representatives frequently achieve the mark of 6-figure wages. You do not necessarily have to be a statistician to achieve that amazing number. It is enough to be a business owner or CEO who studied statistics and understands its application.
As The Bureau of Statistics Planning & Development Department Government of Sindh admits, a business owner who understands statistics plans production according to the taste of the customers better than those who lack these skills. Various statistical methods help to evaluate the quality of goods and services as well.
It Develops Critical and Analytical Thinking
Experts call statistics a primary instrument of analysis. Its concepts and principles are important to evaluate things objectively, based on the facts instead of blind prejudice. It is important to assess both analysis and design to carry out an investigation with the meaningful results.
Statistics is a Bridge to Real World
Even history and geography are not as effective as statistics when it comes to an understanding the world around us better. By studying statistics, young people start to understand why different things happen, not just what various phenomena mean. The main activities of any statistician involve:
- Data collection
- Data organization
- In-depth analysis
- Interpretation of the findings
- Presentation of the outcomes
The goal of the statistical data is to explain how much/many, how frequently, how intense, or how usual a particular phenomenon is and offer the backdrop in the decision-making process.
Discovering Relationships between Several Objects or Events
Statistical courses share information on the correlation between a couple or more events/episodes/objects. For example, the study makes people understand to what extent IQ impacts the academic performance or literacy rates. One more example could be detecting the relationship between playing violent video games and initiating high school bullying. Thus, we can say that statistics help people to deal with stereotypes and discover the truth.
Helps to Make a Difference
Statistical instruments make it possible to decipher circumstances than lead to certain things. What we do is one thing. The reason for doing what we do is a different topic. For instance, you may wonder why different people have a different reaction to the same movie. Is it all about gender, age, or some individual preferences? Only statistical studies are able to tell that. What one has to come up with is an experimental design and in-depth analysis to define the causal factors and consequences.
Statistics to Improve Writing Skills
Even though most students associate statistics as a subject to calculating, it is about writing as well. One has to interpret all the results he or she finds thanks to the particular study. If a student faces some problems with statistics, it is possible to use some statistical applications available for computers and mobile devices or order affordable help at specialized essay service. Mind that not every writing service is able to solve statistical problems, so check the feedback left by other students first before deciding which company to trust.
Penetrating the World of Information Technologies
You may wonder, but almost every successful IT company requires at least one gifted statistician. It could be a local analyst or financial managers who know how to collect, analyze and interpret the sets of data, but this person is a must! The companies use the labor of that type of create smarter algorithms for apps and even entire platforms like Bitcoin. The most philanthropic companies share that they use data analysis to decide which project deserve extra funding and which should better be stopped. They also apply statistical methods to rate their success and growth opportunities. So, somehow, statistics can be as efficient in measuring company’s performance as marketing.
Most Useful Statistical Topics to Research and Keep in Mind
- Bayesian Models of Category-Related Brain Responses on the Emotional level
- Forecasting the Results of Presidential Elections with Respect to Exit Poll Data
- Non-stationary Modeling and Inference for Circadian Oscillations
- Multi-dimensional Markov-based Interest Rate Criteria
- Prospect Theory
- Study of Key Interventions into International Acts of Terrorism
- Intensive Uncertainty Dealing with Coherent Decision-Making Process
- Evaluating the Threats of Subsequent Tonic-clinic Seizures in People Who Suffer from the Difficult Form if Partial Seizures
- Detecting the Genes That Discriminate between Healthy and Ill Humans
- Projecting Infectious Diseases
- Auto-diagnosis of the Disorders with Significantly Huge Data
You can notice that statistics may cover various aspects of life: from politics to nursing; from physics to engineering; from computer science to human resources. That is why it is impossible to deny the importance of this academic subject.
Everything mentioned above proves the important role of statistics in the lives of both young professionals from different areas and college students. That is why you should handle at least the basics of statistics. You can lose them later in your life to achieve better performance and level of professional development.