Statistics Journal Assignment

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Statistics Journal Assignment

In the recent past, the value of statistics in my life has been enormous. Statistics affects almost every aspect of one’s life. It affects a person at individual level, family level, and even in matters outside the family. I have recently witnessed the effect of statistics in my operations at the home, office, and matters of the state. In this paper, I am discussing how statistics has affected me recently in my home (family), office and also in a matter of the state.

Having started a family a year ago, I have realized through financial miscalculations that statistics is very helpful in running a family. McPherson (2001) observes that the application of statistics starts from the home. Linking this proposition with personal experiences, I am a witness of the positive outcomes of well-applied statistics in the home. For the one year I have been heading my family; I have learnt to manage family finances well by applying statistics. Through statistics, I and my spouse prepare monthly budgets every month, alongside our annual targets. Even though this may seem as simple statistics, it has been very beneficial in ensuring we do not run broke at the middle of the month, and that we meet our annual and monthly targets. In addition, we have used statistics to choose a suitable method of family planning, to ensure that we lead a successful family. Since we are young in marriage, and we have future projections, we have greatly applied statistics to make our future goals. Statistics is thus very important in a family. The figure below shows the monthly family budget template we use.

Figure 1. Monthly Personal Budget: (Google)

Apart from the home, I also apply a lot of statistics in my small office business. I have applied the measures of central tendency, as well as statistical research results concerning the behavior of the buyers, and the trends in the market. According to McPherson (2001), successful businesspeople use make good use of statistics to read the trends in the market and respond appropriately. I am a witness that the application of statistics works perfectly for a business person. One can predict how customers are likely to buy, and thus one knows the right quantities to stock. The application of statistics has helped me minimize on inputs into the business as I focus on increasing the output.

On the other hand, the use of statistics by the government agencies and departments have affected my life either directly or indirectly. McPherson (2001) observes that the government uses statistics to formulate policies that see it raise a healthy population. Such statistics as weather forecasts help in disaster management and preparedness. In addition, political campaigns, the stock market, insurance and quality testing by the government rely on good application of statistics. Since such issues are direct concerns of the common citizen, they are pointers to the effect of statistics in my life.

In conclusion, the role of statistics in one’s life cannot be underestimated. A close examination of my life shows that I apply statistics at the home, the office and in other matters that concern my life. Similarly, the government applies statistics to ensure a healthy nation, in which I am a dependent. By that, statistics is very important in one’s life.

Reference

McPherson, G. (2001). Applying and interpreting statistics: A comprehensive guide. New York, NY: Springer Publishing Company.