Use of Statistics in Daily Life Essay - 455 Words

Today it is almost heresy to suggest that scientific knowledge is not the sum of all knowledge. But a little reflection will show that there is beyond question a body of very important but unorganized knowledge which cannot possibly be called scientific in the sense of knowledge of general rules: the knowledge of the particular circumstances of time and place. It is with respect to this that practically every individual has some advantage over all others because he possesses unique information of which beneficial use might be made, but of which use can be made only if the decisions depending on it are left to him or are made with his active coöperation. We need to remember only how much we have to learn in any occupation after we have completed our theoretical training, how big a part of our working life we spend learning particular jobs, and how valuable an asset in all walks of life is knowledge of people, of local conditions, and of special circumstances. To know of and put to use a machine not fully employed, or somebody's skill which could be better utilized, or to be aware of a surplus stock which can be drawn upon during an interruption of supplies, is socially quite as useful as the knowledge of better alternative techniques. And the shipper who earns his living from using otherwise empty or half-filled journeys of tramp-steamers, or the estate agent whose whole knowledge is almost exclusively one of temporary opportunities, or the who gains from local differences of commodity prices, are all performing eminently useful functions based on special knowledge of circumstances of the fleeting moment not known to others.

Posted by on Sep 12, 2017 in Use of statistics in daily life essay | 0 comments

Join us as we explore how math can help us in our daily lives. In this exhibit, you'll look at the language of numbers through common situations, such as playing games or cooking. Put your decision-making skills to the test by deciding whether buying or leasing a new car is right for you, and predict how much money you can save for your retirement by using an interest calculator.

Use of statistics in daily life essay

Living statistics would accomplish stats like Cost of Living, Employment Rate, Crime Rate among many other things.

Data: Data Analysis, Probability and Statistics, and Graphing
Adults make decisions based on data in their daily lives and in the workplace. Reading charts and graphs, interpreting data, and making decisions based on the information are key skills to being a successful worker and an informed citizen. Being an informed citizen includes understanding statistics and probability as well. Adults cannot make reasonable decisions unless they understand from where the statistics come.

Communication Effects on Daily Life - Essay Samples

Therefore, it is important that adult learners understand how statistical representations and calculations are used. There isnothing more indigenous or relevant to human life than mortality. Using mortality tables from different time periods is an effective way to investigate changes and predict future change. It also is a means of getting adults who smoke (many of our students do) or have other dangerous lifestyles to consider their own mortality

Functions or Uses of Statistics | eMathZone

Rationale: Adult education should put less emphasis on teaching isolated mathematical skills and increase emphasis on teaching the math of life skills and the world of work. Investigation of statistics and probability should actively engage learners in exploring events and making predictions about situations relevant to their daily lives. Adults know that decisions made on the basis of various statistics affect them daily. Collection, organization, calculation, and interpretation of data are fundamental to our personal lives and the lives of most adults in the workplace. Adults use and analyze statistics and, formally or informally, predict outcomes daily.

The Scientific Method in Daily Life - superioressaypapers

Fundamentally, in a system in which the knowledge of the relevant facts is dispersed among many people, prices can act to coördinate the separate actions of different people in the same way as subjective values help the individual to coördinate the parts of his plan. It is worth contemplating for a moment a very simple and commonplace instance of the action of the price system to see what precisely it accomplishes. Assume that somewhere in the world a new opportunity for the use of some raw material, say, tin, has arisen, or that one of the sources of supply of tin has been eliminated. It does not matter for our purpose—and it is very significant that it does not matter—which of these two causes has made tin more scarce. All that the users of tin need to know is that some of the tin they used to consume is now more profitably employed elsewhere and that, in consequence, they must economize tin. There is no need for the great majority of them even to know where the more urgent need has arisen, or in favor of what other needs they ought to husband the supply. If only some of them know directly of the new demand, and switch resources over to it, and if the people who are aware of the new gap thus created in turn fill it from still other sources, the effect will rapidly spread throughout the whole economic system and influence not only all the uses of tin but also those of its substitutes and the substitutes of these substitutes, the supply of all the things made of tin, and their substitutes, and so on; and all this without the great majority of those instrumental in bringing about these substitutions knowing anything at all about the original cause of these changes. The whole acts as one market, not because any of its members survey the whole field, but because their limited individual fields of vision sufficiently overlap so that through many intermediaries the relevant information is communicated to all. The mere fact that there is one price for any commodity—or rather that local prices are connected in a manner determined by the cost of transport, etc.—brings about the solution which (it is just conceptually possible) might have been arrived at by one single mind possessing all the information which is in fact dispersed among all the people involved in the process.