Introduction
Today’s society is based on data, so data analytics and statistics are widespread. Both workers and regular people need to be able to look at scientific data and make meaningful graphs and charts and solid conclusions from it. This article will examine how knowledge about statistics can help one in one’s personal and work lives. As a practical matter, being able to collect, analyze, and draw conclusions from data helps you make better choices and get better results.
In the field of medicine, doctors use the mathematical study of patient data to improve care and outcomes. Healthcare institutions and study centers can use predictive analytics to find trends and risks in large datasets. This lets them treat high-risk patients quickly (Batko & Ślęzak, 2022). One of these is a study by medical experts on asthma patients under 18 and preventative treatment. Researchers made a model that can predict which kids are most likely to end up in the hospital because of asthma by collecting detailed information on over 200 patients and looking at things like how well they took their medicine, their family history, and environmental triggers (John J. Oppenheimer & Michael A. Kaliner, 2019). This approach, based on data, made it possible to give personalized treatment ideas and focused preventative care. Fourteen percent fewer kids with asthma ended up in the hospital over the course of five years of care using the prediction model. This shows how important statistical research is for improving the effects of healthcare.
Statistical data analysis is now an important part of making decisions and planning strategies based on data in the business world. Many different types of businesses use business analytics to increase productivity, increase profits, and outperform their rivals. For example, Amazon used A/B testing, a type of controlled statistical experiment, to improve and fine-tune its e-commerce platform over time. Amazon tests different website designs, discounts, and algorithms on random user groups to see which ones increase sales and customer involvement (Calzon, 2022). Using statistical methods to figure out the best way to price and market goods, add new features, and other things lets businesses make choices based on facts while still following the rules of business.
By using data, Amazon and other stores have taken over markets. Calzon (2022) says that companies that make decisions based on data are 5–6% more profitable and productive than their competitors who don’t use data. The research found a strong connection between a company’s measurable success and the way it analyzes data. For modern companies to get competitive information from their corporate data, they need staff trained in statistics. Businesses of all kinds, from small startups to multibillion-dollar corporations, can grow if they know how to use statistics to make better strategic decisions.
Personally, the statistics class has taught me useful skills that I can use in everyday life. I can now better keep track of my buying habits, savings rate, investment returns, credit score changes, and other personal financial information. This helps me make smarter choices about my money that are in line with my long-term goals. Furthermore, I have a better understanding of statistical modeling-based sports analytics, which helps me run my fantasy football team better and make smarter bets. I can better understand test results and other health measures now, and I can talk to my doctor about any problems I have when I go in for frequent visits.; I now know how to be a better listener. I also use my data skills for everyday tasks, like finding the best deals when I shop online by comparing prices and things. My ability to understand data has made many parts of my daily life better. Because of this course’s lessons on data literacy, I feel like I have more control over important choices. It’s been very important for me throughout my life to be able to measure, visualize, and understand facts.
There are some basic data analytics skills I learned in this class that will help me in my future profession. My goal is to work in business intelligence and data analysis. The statistical skills I’ve gained will help me get useful information from big, complicated datasets. Learning computer languages like R and Python would help me be more productive by automating the steps I take to handle data. Being able to understand statistical outputs like regression models, p-values, and correlation coefficients will help me come up with accurate conclusions and make smart ideas based on data. These skills in data presentation and statistical analysis will help me do well and stand out, no matter what field or job I’m in. I now feel like I’m ready for professional jobs that focus on things like market research, analytics, and improving business processes. As I’ve finished projects for this class, I’ve put together a collection of my work that shows off my skills and could be sent with job applications. During conversations, I can talk at length about how much I love using data to make decisions and solve problems. This class taught me useful skills and information that will come in handy when I start my job as a data scientist. In the future, when I want to become a leader, the ability to think logically will help me get there.
To sum up, this piece has shown how important it is to understand statistics and be good at analyzing data. Data-driven thinking can be helpful in many areas, as examples from business, healthcare, and personal income show. It is important to be able to collect, examine, and show data in order to improve medical treatments, make business processes run more smoothly, and help people make better choices. The COVID-19 epidemic has made it clear how important it is to base decisions on facts and data from statistical analysis. Learning how to use statistics well helps us solve problems, find secret insights, and pick the best actions for both individuals and businesses. When students finish this statistics class, they will have the logical skills and quantitative mindset they need to do well in a world that is becoming more and more focused on data. This article showed some of the many ways that knowing about statistics can make our lives better, even though statistics still have a lot of promise that hasn’t been fully achieved yet.
References
Batko, K., & Ślęzak, A. (2022). The Use of Big Data Analytics in Healthcare. Journal of Big Data, 9(1). https://doi.org/10.1186/s40537-021-00553-4
Calzon, B. (2022, November 17). Why Data Driven Decision Making is Your Path To Business Success. Retrieved from Datapine website: https://www.datapine.com/blog/data-driven-decision-making-in-businesses/
John J Oppenheimer, & Michael A Kaliner. (2019). Allergic and Environmental Asthma: Overview, Patient History, Differential Diagnosis. EMedicine. Retrieved from https://emedicine.medscape.com/article/137501-overview