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Although many people regard statistics as just numbers, the importance f statistics in one’s life cannot be over-emphasized. Knowing the difference between the mean, median and mode, is itself a big way of differentiating between the bad and the good choices that one makes in life. My life has been one of the most fulfilling
The present scientific and technological world, which is being shaped through research, has continually depended on statistics to interpret phenomena (McPherson, 2001). In my studies, I have appreciated the importance of statistics in research, which has enabled me to analyze the facts before accepting anything with a dogmatic aspect of belief. In addition, I have become more critical of the world thorough the application of statistical concepts to analyze situations and figures. Since I internalized statistical concepts, I cannot just take figure just as they are, but I use statistical calculations, as the measures of central tendency to understand the deeper meaning of the presented figures. Most of all, I have been able to compose good critical essays, with the application of statistics, which has enabled me to shine greatly in my academics.
In the recent past, I have appreciated the role statistics plays in running and planning a home. As I grew up, I have appreciated the competent skills of my parents in planning the resources of the family, in a bid to ensure that we do not run dry at the middle of the month. The skills have enabled me to plan the few assets I own well, as well as, my financial matters. In the home, we do a both monthly and annual budgets that enable us to operate without straining. The budgets help to point in the future, and identify the month when we are likely to strain financially. With such knowledge, we are able to plan ahead and manage the situation n advance. According to McPherson (2001), most families succeed in their financial and economic planning through a good application of statistics in budgeting. As can be seen in figure 1.1 below, we use the expenses tracker in our home to substantiate all the expenses that are made daily. At the end of the month, the total expenses in the tracker are very useful in predicting what may happen in the following month. Further, it is very helpful in managing our family resources.
Figure 1.1: Household budg.............
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