1.the Advantages and Disadvantages of Statistics

1.
The Advantages and Disadvantages of Statistics:

Advantages of statistics
The main advantages of statistics are:
• they are familiar to library staff and managers
• they can be analyzed relatively quickly
• information is collected in a standardized way
• they are usually straightforward to analyze
• they overcome the difficulties of encouraging participation by users
• they are often required and respected by decision-makers within the institution
and beyond e.g. funders, government
• they support qualitative data obtained from questionnaires, interviews etc. with
'hard facts'
• they are useful for benchmarking purposes.
Disadvantages of statistics
The main disadvantages of statistics are:
• they are not an appropriate method to understand issues in great depth and
identify ways to solve problems highlighted
• they are not suitable to evaluate user opinions, needs or satisfaction with services
• it may be time-consuming to arrange methods of data collection eg contacting
vendors, liaising with IT departments
2.Application of statistics
The application of statistics is extensive, so let us discuss the fields where the
subject methods are commonly implemented :
1. Mathematics: The formulas used in math are reliable, but to get more precision
and exactness, statistics methods are important. In fact, it is called the branch of
applied math. There are common techniques that both the fields have adopted from
each other such as statistical methods, namely probability, dispersion, etc., used in
math and mathematical concepts like integration and algebra are used in former.
2. Business: Business students must be aware of the importance of statistics in the
field. There are times when a businessman has to make quick decisions, and this
can be done by using its concepts which make the decision-making easy. He
strategizes the marketing, finance, production, resource through it. What are the
tastes and preferences of consumers? What should be the quality? What should be
the target market? All these questions are answered using statistical tools.
3. Economics: There are so many concepts of economics that are completely
dependent on statistics. All the data collected to find out the national income,
employment, inflation, etc., are interpreted through it. In fact, theory of demand
and supply, relationship between exports and imports are studied through this
subject. The perfect example of this is census; the bureau uses its formulas for
calculating a country’s population.
4. Country’s Administration: Many national policies are decided using statistical
methods, and administrative decisions are taken based on its data. Statistics
provides most accurate data which helps government to make budgets and estimate
expenditures and revenues. It is also used to revise the pay scale of employees in
case cost of living is rising.
5. Astronomy: When scientists measured the distance between sun and earth, or
moon and earth, they did not use any measurement scale or ruler for that. It was
these statistical methods that helped them to find out the best answers and
estimates that are possible. It is difficult to measure the mass, size, distance,
density of objects in the universe without any error, but statistics formulas do this
with the best probability.
6. Banking: When someone deposits his money in banks, the idea is that he will
not withdraw the amount in the near future. So, banks lend this money to other
customers to earn profit in the form of interest. They use statistical approach for
this service. They compare the number of people making deposits against the
number of people requesting loans and at the same time ascertaining the estimated
day for the claim.
7. Accounting and Auditing: Although accounting needs exactness in calculating
the profit and loss of the business, certain decisions can be taken according to
approximation which is done through statistics. For example, sampling may be
used to find out the current trends in the market as it does not require any
precision.
8. Natural and Social Science: Almost all fields of science such as biology,
chemistry, physics, etc., use statistical methods for experimenting and analyzing
their results. In biology, it is used in biostatistics, biometrics, which includes
investigating about medicines, pharmacy, agriculture, fishery, etc. Same way,
probability theory is used in physics while estimating large population, results of
thermodynamics use statistical tools. Sociology is also based on the subject to
analyze and interpret data and test hypothesis. Statistics is a varied subject, and
there are many other uses of it in different fields related to daily human activities.
Few other examples are weather forecasting, communicate information, data
analysis, etc. If you are a statistics student, then you can decide your field you want
to opt for according to your interest.

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The Advantages and Disadvantages of Statistics:

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