I’ll admit that I wasn’t the biggest fan of statistics class. At the time however, I didn’t see some of the real world applications for many of the things we were learning. Now I have a much better understanding and appreciation for the uses of statistics in a variety of applications in my regular life.
For this reason, if you’re enrolled in a degree program or are considering one, or even if you’re just looking for a class to help you get ahead in life, you might want to contemplate taking statistics. Bear in mind, it might not be the easiest of classes, but you could learn some very valuable things that can help you succeed in the working world.
Having a background in statistics can come in handy when analyzing and tracking investments. Looking for trends, seeing opportunities, being able to analyze and understand various statistics, and noting variations between groups could pay off in your work or in your personal finances.
Understanding the difference between medians and means, being able to create graphs and chart bell curves, and understanding a variety of other applications when it comes to statistical data could help you stay better informed and aware of what is happening with your money or how your business decisions are working out.
A part of your working life might involve customer surveys. Whether you’re working for a major corporation or trying to make it as a self-employed entrepreneur, being able to form customer surveys and use them as important analytical tools can be a valuable tool. The Internet has made customer surveys a more common aspect of our regular lives these days; and a statistics class could help you be able to ask the right questions to get the data you need and then be able to draw pertinent conclusions from what you’ve gathered.
Making Business Adjustments Based Upon Feedback
From you’re customer surveys, you could be able to pull all sorts of important data. Performing statistical analysis could help you make decisions regarding long-term forecasting and planning, to making adjustments in daily operating procedure.
From figuring out what products people like and which ones they don’t, developing price points, seeing what marketing techniques are working, understanding what type of packaging is most pleasing to a customer’s eye, and gauging user/consumer data such as age groups and income levels, to more simple things like determining the hours you’re store should be open or where products should be placed within a store or on a shelf, there are any number of ways statistics can be and are used to assist with a variety of business decisions or even decisions in your own daily life or personal finances.
Pinpointing Customers and New Business
Through the information you pull from statistical analysis, you could find yourself being better able to pinpoint who you’re customers and users are. In turn, you might be better able to find ways to appeal to those customers and maximize their business or find similar or new customers through different marketing techniques. Whether working for yourself or an employer, this could be yet another way in which a statistics class could help you succeed in the real world.
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The author is not a licensed educational or financial professional or academic advisor. This article is for informational purposes only and does not constitute legal, financial or educational advice. Any action taken by the reader due to the information provided in this article is solely at the reader’s discretion.