The Art of Statistics: How Data Provides New Insights

Statistics are everywhere. This data is as integral to scientists as it is to modern businesses. We are living in an era where money might be valuable, but it is information that is the currency we use.

That means a basic grasp of statistical literacy is necessary if you want the capability of separating fact from fiction. This data provides us with hard evidence of consumer behaviors and scientific truth. When we can use this information in predictive ways, it is possible to glean new insights into customer choice.

Without the art of statistics, people become bystanders.

Why Are Statistics Important Today?

Statistics are a representation of truth. When looking at big data from a business perspective, it can also unlock new opportunities to contact customers.

It’s also a way to collect information about internal performance. Statistics can let an organization see that workers are performing less work before or after the weekend, giving managers data to help them look for motivation.

Statistics also allow organizations to examine alternative scenarios. This process enables the company to look for the best possible option.

It is also possible to use statistics in market research or product development. Surveys, random sampling interviews, focus studies, and other tools are useful in this segment to gauge the response to proposed products or services.

How Do We Collect Information from Statistics?

Statistics provide useless information unless there is a baseline from which to work. There must be metrics and key performance indicators named to create the concepts and connections that the data provides.

When the infrastructure for statistics exists, then the mathematical concepts behind the information can help us to examine complex issues. Statistician David Spiegelhalter uses his book The Art of Statistics: How to Learn from Data to show how this approach is useful to solve complex problems.

Statistics can help to determine who the luckiest passenger on the Titanic was over a century ago. It can help us to determine if screening tests for medical conditions are useful. When we all start thinking like a mathematician, then we can use the data that gets collected every day to our benefit.

The art of statistics allows us to find incomparable insights into almost any effort or industry. It can serve as a guide for product development, provide evidence for scientific theories, and improve our lives in countless ways.

Statistics provide us with the answers to the questions that life throws at us all every day.