04 Oct 2023

Last update 12 / 09 / 2017

Importance of Statistical Methods

The statistical method which is applied to a study is the right way to secure goal setting and achievement whether it is meant to apperceive social and economic phenomena or to study specific or expected issue to find the appropriate solution.
Having enough statistical data, information and indicators, would help the organization, either it is in the private or the public sector, to precisely carry out its job. For example, the civil service entities can becomingly outreach every corner of the country according to the available demographic data and its geographic nature. Also, the education specialists can recognize the community needs for facilities, staff and local directorates in light of the sharply accurate data and information that illustrate structure of populations by age and gender. In addition, data and feasible studies are imperative to establish industrial or commercial projects.
The belief in the development planning and policy making is a fact only when rigorous data, information and statistical indicators are available to achieve goals and pave the way for planners to work accordingly and to make sure all stages are fully delivered.
It is admissible that the statistical methods are the main pillars for solutions of many issues in which the community is interested, namely, the files of health, education, agriculture, industry and trade.
Accordingly, the statistical study is an important science because it recently managed to apply scientific methods and theories saying nothing of its rich theoretical and practical benefits. It mirrors the modern course of statistics as a science and its applications to reach discerning decisions in different fields of business. Today, it is fair to say the statistical analysis is part of every study and research. In the commercial sector, the statistical methods attracted increasing attention from different institutions working in the field to make its operation policies and take sound commercial decisions depending on scientific bases in addition to future planning. Generally, the contemporary economists are mainly dependent on statistical methods to make economic policies via study of subjects that are substantially linked to the economy, for example, statistic analysis of the gross national income, internal and external trade, industrial and agricultural production, standardized goods and service prices, the cost of living in addition to the statistic studies made for banks, investments, savings, workforce and housing statistics.


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