Thursday 2 August 2012

Five Uses of Statistics in Daily Life



1) Business uses statistics to make predictions, increase their profits.


2) We all use stats, everytime we make an informed guess about


the world around us. E.g. (those clouds are dark, it's probably going


to rain today) -Not very sophisticated, but that's where it starts.


3) When you read a poll in the newspaper, a confidence interval is 


often given. It tells you how confident you can be in the poll.


4) Public safety uses stats -to make sure theres a very small chance


something might go wrong


5) Probability can be fun and challenging (See Monty Carlo Paradox)

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