Skillful Analysis of Data - Essay Example

The term ‘average’ has its limitation to inform the correct information. That is where the median comes to the rescue. Per capita average income of a population is good first-hand information; however, it is a median income that gives more precise information about half of the population that is below or above certain income levels. While per capita income misguides the country’s poverty spread, the income distribution data flashes more clarity giving an insight into which state, race, gender, or community needs more state help to reduce the prevailing disparity in incomes.

Statistics can be applied to extensive uses in modern times. Businesses forecast their sales and profit figures using regression models based on past data. Investigative agencies nab the criminals based on the past statistical data of crime or patterns in a specific area. Drug companies estimate the success rate of their newly derived flu shots for their effectiveness from the carefully chosen sampling data across the population of the region.

I am sure I will make use of my knowledge of statistics in my personal and professional life as often as possible to solve the various issues that I come across from time to time.