Statistics is widely used in modern times. At initial stage it was used to collect the information about public affairs, but gradually the use of Statistics has been extended in all scientific applications. We use statistics in every Sphere of life where mass of quantitative data is needed and its simplification and analysis is involved. Earlier it was used by the rulers to assess the military and the economic strength of their state. We use statistics.
In economics basically:
a. To formulate the economic laws based on the economic behavior.
b. To study economical problems like balance of trade, industrial growth, unemployment and problems related to national income and its wealth.
c. To deal with Complications of National Income Account and reading the statistics of National Balance sheets.
a. To take the decision related to the location and the size of the firm
b. To study the demand of the products produced or sold by your organization.
c. For the production planning
d. For quality control and maintaining the stock.
e. For planning of marketing decisions and the strategies to be adopted.
f. For planning the future operations like capital investments and the equipments required by the company. It helps in the forecast about the sale, prices and the profit or loss expected in the future.
g. In Inventory control, for coordinating production and sale .
h. For operation research of the business.
i. For keeping track on the business accounts and auditing
Besides this statistics is used in several other areas like it has a major role in stocks and shares to predict the rise and fall in the market, based on which the share market runs. Statistics also plays a major role in the study done by insurance companies, brokers and even by the bankers.