Statistics in its simplest definition involves collecting data, organizing and analyzing it, interpreting it, and then presenting it. Everything happening around the world today runs on the wheels of statistics. It is extremely important that it can’t be neglected. If statistics is that important, you need to understand it.
Here are 4 benefits to understanding statistics:
- Understanding Statistics Helps You Improve Your Life
Statistical analysis is super useful in all fields of life ranging from your workplace to your finances and relationships. Understanding basic statistics will help you in your decision making process with regards to aspects such as the best place for you to live, how to invest your money, how to plan your time, and so on.
All these facets of life are analyzed in numbers. You may find statistics showing for example that 90% of people who invest in the stock market benefit from dividends in the long run. With a good understanding of these statistics, you can be able to make an informed decision on how and where to invest your money in order to gain favorable returns.
- It’s Helps You Become An Informed Consumer
In the world that we live in today, people are hungry for wealth and power. As such, they will do anything possible to achieve this in their lives. One of the avenues they will use is to mislead uninformed susceptible individuals through the use of statistics.
Since the use of statistics makes someone appear smart and gives them a convincing language that easily baits their target, they can easily lie and deceive anyone who lacks the knowledge of statistical analysis.
Understanding statistics help you become an informed consumer in that you don’t simply accept everything said to you, rather, you analyze the data at hand and make informed conclusions of whether to accept or reject the offer being presented to you.
- It Helps You Develop Analytical And Critical Thinking Skills
Whether you are a student studying a particular course or you’re a career person in any field, analytical and critical thinking skills will come in handy if at all you are to excel in your field. Everything that comes your way, whether it’s an assignment or a project at work, will require that you be able to critique and analyze the data presented before you.
Understanding statistics will help in developing these skills and will make you more effective in handling the tasks at hand.
- It Helps You Know When You Need To Outsource For Help
One major benefit of understanding statistics is that you’re able to discern when outsourcing help is the best decision for you to make. If, say, you own a computer and you’re well aware of how computers work, you will definitely know when it’s not working well as it should, and you’ll know it’s time to take it to a computer expert for repair.
You’ll be able to describe the problem to the expert and he’ll be able to assist with the necessary repairs. You won’t attempt to repair it yourself lest you cause more damage. Similarly, the benefit of understanding statistics is that you’ll be able to discern when to seek help for tough statistical concepts.
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